Private Company Simplified GAAP Alternatives
2.00 Credits
Member Price $109
Non-Member Price $139
Overview
The FASB formed the Private Company Council to provide certain alternatives in U.S. GAAP that are only available to nonpublic business entities, with limited exceptions for certain nonprofits. This course will provide insight into when adopting the accounting and financial reporting alternatives would be to the advantage of private companies.
Highlights
- Guidance, related to "plain vanilla" interest rate swaps that convert variable into fixed rate debt and other derivatives
- Guidance related to amortization and impairment of goodwill
- Guidance related to separately recognizing intangible assets from goodwill in a business combination
- Guidance related to lease accounting and revenue recognition options
Prerequisites
None
Designed For
Public and industry accountants responsible for monitoring fair presentation of financial statements
Objectives
- List the recognition, measurement, presentation and disclosure options only available to nonpublic business entities in U.S. GAAP
- Explain the benefits of adopting the U.S. GAAP alternatives, and the most advantageous time to do so
- Apply illustrative examples for how financial statements look different before and after application of the allowable simplifications in accordance with U.S. GAAP
Preparation
None
Leader(s):
Leader Bios
Jennifer Louis, Business Learning Institute
Jennifer F. Louis, CPA, has more than 18 years of experience in designing and instructing high-quality training programs. In 2003 she formed Emergent Solutions Group, LLC, serving organizations by providing training services on a project-specific or parttime basis.
Most recently, Ms. Louis was executive vice president / director of trainingServices at AuditWatch, Inc., a premier training and consulting firm serving the audit profession. She began her career at AuditWatch as vice president of product development. Before joining AuditWatch, Ms. Louis was the financial/operational audit manager at AARP.
Ms. Louis also was an audit manager for Deloitte & Touche LLP. During her years at Deloitte & Touche’s Washington D.C. office, she was a frequent local and national instructor. She also served as an
instructor for the firm’s national “Train the Trainers” program.
Non-Member Price $139
Member Price $109