Mastering GAAP: A Step-by-Step Guide to Ensuring Compliance and Minimizing Risk
This comprehensive course is designed to provide participants with a thorough understanding of Generally Accepted Accounting Principles (GAAP) and its application in financial reporting. Participants will learn how to ensure compliance with GAAP and minimize risk in financial reporting. Upon completion of this course, participants will receive a certificate issued by The Art of Service.Course Features - Interactive and engaging content
- Comprehensive and personalized learning experience
- Up-to-date and practical information
- Real-world applications and case studies
- High-quality content developed by expert instructors
- Certificate of Completion issued by The Art of Service
- Flexible learning schedule and user-friendly platform
- Mobile-accessible and community-driven
- Actionable insights and hands-on projects
- Bite-sized lessons and lifetime access
- Gamification and progress tracking
Course Outline Module 1: Introduction to GAAP
- Overview of GAAP and its importance
- History and development of GAAP
- Key principles and assumptions of GAAP
- GAAP vs. IFRS: differences and similarities
Module 2: Financial Statement Preparation
- Balance sheet: classification and reporting
- Income statement: classification and reporting
- Cash flow statement: classification and reporting
- Notes to the financial statements
Module 3: Asset Accounting
- Cash and cash equivalents
- Accounts receivable and bad debt expense
- Inventory: costing methods and reporting
- Property, plant, and equipment: depreciation and reporting
- Intangible assets: amortization and reporting
Module 4: Liability and Equity Accounting
- Accounts payable and accrued expenses
- Notes payable and debt financing
- Leases: classification and reporting
- Equity: common stock, preferred stock, and dividends
Module 5: Revenue and Expense Recognition
- Revenue recognition: principles and methods
- Expense recognition: principles and methods
- Matching principle and materiality
- Accounting for income taxes
Module 6: Accounting for Leases and Pensions
- Lease classification and reporting
- Pension accounting: defined benefit and defined contribution plans
- Other post-retirement benefits
Module 7: Accounting for Income Taxes and Investments
- Accounting for income taxes: deferred taxes and tax credits
- Investments: classification and reporting
- Equity method and consolidation
Module 8: Advanced Accounting Topics
- Accounting for business combinations
- Accounting for foreign currency transactions
- Accounting for derivatives and hedging
Module 9: Financial Statement Analysis
- Ratio analysis: liquidity, profitability, and solvency
- Trend analysis and industry comparison
- Financial statement forecasting and budgeting
Module 10: GAAP Compliance and Risk Management
- GAAP compliance: risk and consequences of non-compliance
- Risk management: identification and mitigation of financial reporting risks
- Internal controls and auditing
Module 11: Case Studies and Group Discussions
- Real-world case studies: application of GAAP principles
- Group discussions: GAAP compliance and risk management
Module 12: Final Project and Course Wrap-Up
- Final project: comprehensive financial statement preparation and analysis
- Course wrap-up: review of key concepts and takeaways
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Module 1: Introduction to GAAP
- Overview of GAAP and its importance
- History and development of GAAP
- Key principles and assumptions of GAAP
- GAAP vs. IFRS: differences and similarities
Module 2: Financial Statement Preparation
- Balance sheet: classification and reporting
- Income statement: classification and reporting
- Cash flow statement: classification and reporting
- Notes to the financial statements
Module 3: Asset Accounting
- Cash and cash equivalents
- Accounts receivable and bad debt expense
- Inventory: costing methods and reporting
- Property, plant, and equipment: depreciation and reporting
- Intangible assets: amortization and reporting
Module 4: Liability and Equity Accounting
- Accounts payable and accrued expenses
- Notes payable and debt financing
- Leases: classification and reporting
- Equity: common stock, preferred stock, and dividends
Module 5: Revenue and Expense Recognition
- Revenue recognition: principles and methods
- Expense recognition: principles and methods
- Matching principle and materiality
- Accounting for income taxes
Module 6: Accounting for Leases and Pensions
- Lease classification and reporting
- Pension accounting: defined benefit and defined contribution plans
- Other post-retirement benefits
Module 7: Accounting for Income Taxes and Investments
- Accounting for income taxes: deferred taxes and tax credits
- Investments: classification and reporting
- Equity method and consolidation
Module 8: Advanced Accounting Topics
- Accounting for business combinations
- Accounting for foreign currency transactions
- Accounting for derivatives and hedging
Module 9: Financial Statement Analysis
- Ratio analysis: liquidity, profitability, and solvency
- Trend analysis and industry comparison
- Financial statement forecasting and budgeting
Module 10: GAAP Compliance and Risk Management
- GAAP compliance: risk and consequences of non-compliance
- Risk management: identification and mitigation of financial reporting risks
- Internal controls and auditing
Module 11: Case Studies and Group Discussions
- Real-world case studies: application of GAAP principles
- Group discussions: GAAP compliance and risk management
Module 12: Final Project and Course Wrap-Up
- Final project: comprehensive financial statement preparation and analysis
- Course wrap-up: review of key concepts and takeaways