 Dates & Locations
12/15/08 LAX
2/3/09 Woodland Hills
Classes meet
9:00am-5:00pm
taught by
Mark Dauberman
Only $220!
Lunch is always included
8 CPE Hours
Overview
No Prerequisites
No Advance Preparation
Update
(NASBA: AC)
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Hot A & A Topics
Business Combinations & Variable Interest Entities
When the Financial Accounting Standards Board Issued FIN 46R related to Variable Interest Entities (VIE), many believed that this was an issue that related exclusively to large organizations like Enron that might use special purpose entities to exclude information from their financial statements. Upon analysis, however, it quickly became clear that this pronouncement applies to any relationship between entities where one might be able to exercise financial control over another. This might range from a closely held corporation leasing property from an LLC owned by the stockholders to a large corporation entering into a contract with a small company that is so material to the latter that the former has effective control over it.
Meanwhile, the FASB recently issued Statement of Financial Accounting Standards 141R related to business combinations, which provides guidance on how a business combination is to be reported. These principles apply when control is obtained over a VIE as a result of a contract, as well as when it is obtained when one entity acquires a majority equity interest in another.
This program will provide accountants with a review of FIN 46R on Variable Interest Entities and coverage of FASB Statements of Financial Accounting Standards 141R on Business Combinations and 160 related to Noncontrolling Interests. Major topics will include:
- Identifying when FIN 46R should be applied
- Determining when a VIE relationship exists that requires consolidation
- Applying the purchase method to business combinations
- Determining goodwill or gain resulting from business combinations
- Reporting of a noncontrolling interest on financial statements
Attendees will learn how to apply FIN 46R including how to perform a qualitative and quantitative analysis of a potential variable interest entity, how to apply the purchase method to a business combination. They will learn to determine when a combination results in goodwill or a gain on purchase, how to report acquisition related costs and contingent consideration, and how to report any noncontrolling interests.
Key Topics in GAAP
There are many issues that continue to present challenges in preparing financial statements. This program will review topics such as:
revenue recognition, leases, nonmonetary transactions, accounting changes,
contingencies and other uncertainties, fair value, asset impairments,
accounting for income taxes and inventories.
The course will be useful to anyone with financial reporting responsibility, whether in private industry or public accounting. Recent topics, as well as traditional ones, will be reviewed in depth assuring that financial statements will be prepared in accordance with GAAP. In addition, this program will cover methods for performing research into accounting principles, including the new FASB Codification.
Attendees will learn:
- How to use the FASB Codification for effective and efficient research into accounting areas
- Topics of ongoing interest that continue to present challenges to those responsible for financial reporting
- How to make certain revenues are fairly presented
- How to analyze leases to determine whether it is a capital or operating lease and how to apply straight-line reporting to uneven rent payments or receipts
- How to determine when an asset must be evaluated for impairment and how to recognize an impairment when appropriate
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