US Based GAAP Workshop in Singapore

Transcription

1 Program Overview The Financial Accounting Standards Board (FASB) is recognized by the Securities and Exchange Commission (SEC) as the designated accounting standard setter for US public companies. For more than 40 years FASB has established and improved financial accounting and reporting standards. From 2002 until 2014 it worked with the International Accounting Standards Board (IASB) on a series of projects to converge and improve both US GAAP and International Financial Reporting Standards (IFRS). As things currently stand, both standard-setting bodies are working separately on the own agendas. A knowledge of US Generally Accepted Accounting Principles (US GAAP) is vital to those entities that currently are or, plan to be, publicly listed in the US. Subsidiaries of US parent companies also have an important need to understand US GAAP in order to comply with consolidation rules and corporate information requirements. This US GAAP program is intended for those responsible for the preparation of financial statements or reporting packages under US GAAP or simply for those who wish to better understand US GAAP. The program includes a

2 detailed discussion of the most significant standards and their practical applications. Prior experience of US GAAP is not required to join this program. This 5 days program provides a rigorous review of major technical US GAAP requirements, including pronouncements of: The Financial Accounting Standards Board (FASB) The Securities and Exchange Commission (SEC) The accounting requirements are presented using illustrative financial statements and examples, with interactive participation from the participants encouraged. In addition to a review of current US GAAP, this program also presents information on likely future pronouncements and the probable impact of their adoption. This program answers questions such as: What are the current and likely future requirements of US GAAP? How are US GAAP recognition and measurement rules applied? Where can up-to-date information about US GAAP be obtained? When are fair value measurements required? Program Attendees This program is primarily designed for those who currently prepare or are planning on preparing their financial statements under US GAAP. It is also suitable for those employed by subsidiaries of US parents companies in order to comply with US consolidation rules. The program is designed for industry controllers, accountants, and auditors and finance professionals who want to solidify their knowledge of US GAAP.

3 Program Objectives To apply in a practical context, advanced accounting principles and techniques. To evaluate and apply the requirements of US GAAP. To analyze, interpret and report on financial statements and related information to different user groups. To increase competency to deal with the challenges of implementing US GAAP. Learn to apply US GAAP financial statement requirements, including accounting policies and disclosures Implement the US GAAP recognition and measurement rules for assets, liabilities, revenues, expenses, gains and losses Appreciate the impact of recently-issued standards and upcoming changes Understand the complex rules for revenue recognition, financial instruments and asset impairment Determine compliance with other reporting issues Comply with 'fair value' measurement requirements Increase planning opportunities through awareness of likely future US GAAP changes Gain familiarity with information sources for researching US GAAP topics Analyze US GAAP financial statements to determine financial performance Program Contents US Financial Reporting o GAAP Codification US GAAP Financial Statements o Consolidated financial statement requirements, including variable interest entities o Statement of financial position o Income statement o Discontinued operations o Changes in policies, accounting estimates and errors o Earnings per share o Comprehensive income o Cash flow statement o Statement of changes in equity Revenue Recognition (Current FASB and SEC Requirements) o Recognition criteria o Discounting revenue o Treatment of multiple deliverables o Service revenues o Current revenue issues

4 Inventories o Costs o Allocation methods o Valuation o Disclosures Overview of Business Combinations o Purchase consideration o Contingencies o Cost allocations o Goodwill o Disclosures Equity Investments and Joint Ventures o Equity method accounting o Joint ventures o Equity investments Intangible Assets o Identification o Recognition and measurement o Accounting for research and development o Impairment testing of goodwill Long-lived Assets o Cost of fixed assets o Capitalization of interest o Asset retirement obligations o Subsequent expenditures o Depreciation o Assets held for sale o Non-monetary transactions o Impairment of long-lived assets o Lease accounting (capital and operating) Non-financial Liabilities, Contingencies, and Subsequent Events o Definitions o Contingency accounting and disclosures o Restructuring provisions o Subsequent events Employee Benefits o Short-term employee benefits o Pension cost measurement and presentation o Share-based payment

5 Financial Instruments o Financial assets (categories and accounting treatments) o The Fair Value Option o Financial liabilities Future Developments o Current FASB proposed Accounting Standards Updates o Project agenda Researching US GAAP o Sources of information o Codification and its impact Delivery Methodology The methodology used is designed to encourage maximum participation by all delegates. The presenter will suggest ideas and theories to the delegates and then encourage them to test out the ideas using discussion, small group work, exercises and feedback. Delivery method also includes: Group live instruction with interactive participation encouraged Use of financial statements and real-world examples to illustrate practical application of the standards All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other program materials

6 Registration Information Program Fee: $3500 Fee covers: Visa Assistance Participant Assessment Airport Pickup Accommodation Internet Breakfast Workshop Kit Interactive workshop Program Materials Local Expert Practical Activities Lunch Refreshments City Map Field Visit Certificate Boat Tour For Registration, Please send an inquiry to: or Skype Assistance: risalatconsultantsint Call Viber/WhatsApp: Don t forget to follow Risalat on LinkedIn, Twitter & Facebook!