Nuts and Bolts of GAAP

Study Level:  Overview
Delivery Method:  Online self-study
Provider of Record: WebCE
Field of Study: Accounting
Number of CE Hours:  16
Prerequisites:  General understanding of GAAP and income tax basis financial statements

Course Description

This course is divided into two sections. The purpose of Section I is to review unusual reporting and disclosure issues that develop in practice including questions such as how to disclose life insurance, leases, catastrophes, agreements not to compete, and investments.  Section II deals with how to disclose and present OCBOA financial statements.

Course Objectives

After successfully completing this course students will be able to:
  • identify the accounting for different types of investments such as securities, investments using the equity method, and partnerships
  • recognize some of the disclosures required for trade receivables
  • identify the GAAP treatment for endorsement split dollar arrangements
  • recognize the accounting for vendor sales incentive arrangements and cash rebates from a vendor
  • recall how to account for certain lease arrangements including those involving subleases
  • choose some of the M-1 differences that do not apply to income tax basis financial statements
  • recognize how to account for an accounting change in income tax basis financial statements
  • recall how to account for and present nontaxable and nondeductible items in income tax basis financial statements
  • identify the disclosure requirements for income tax basis financial statements
  • recognize the appropriate and inappropriate financial statement titles for income tax basis financial statements

Revised: March 2018