Regardless of whether or not the principles or requirements change, certain accounting topics that require a greater degree of concern or analysis than others. Join us and immerse yourself in the key provisions of the following significant accounting topics:
Accounting for Leases - Virtually every entity is a lessee and must properly account for and disclose key aspects of all leases. Review the requirements for determining whether leases are operating or capital leases and the appropriate accounting in either case, including real estate leases.
Accounting for Income Taxes - Most entities that report financial information in accordance with GAAP will have at least some temporary differences and be required to establish a provision for deferred taxes. Understand the key provisions of accounting for income taxes, including a simple spreadsheet approach to calculating deferred tax assets and liabilities.
Statement of Cash Flows - Every company preparing financial statements in accordance with GAAP is required to provide a statement of cash flows. Despite the fact that there have been very few changes to the requirements over the years, the statement of cash flows continues to raise questions as to how certain items are presented. In addition, preparers often find the process time-consuming and frustrating. Explore key provisions of the statement of cash flows and learn how to incorporate a spreadsheet approach to preparing the statement that may create efficiencies.
Variable Interest Entities - It is often unclear as to whether or not a VIE is required to be consolidated. And if so, alternatives are sometimes available. Discover the requirements for identifying and consolidating a VIE as well as alternative approaches that may be applied when consolidation is not desirable.