Private Company Simplified GAAP Alternatives

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