US GAAP Course (29 Courses, 36++ Projects)

Objectives

The training is divided into tutorials, each tutorial dealing with different accounting standards. Learners will understand the concepts and text present in the standards, along with their practical applicability. At the end of the course, learners will become self-sufficient to apply and interpret the standards on their own.

Course Highlights

The accounting standards that are covered in the training are as follows.

At the first step we will discuss ASC 105 which deals with GAAP history and hierarchy. In this section, you will get to know about the basics of US GAAP as well as its objectives apart from financial accounting standards and its board (known as FASB).

Learners will introduce themselves to ASC 205 which deals with the presentation of financial statements. We will learn about comparative and primary financial statements and financial statements in case of discontinuance, liquidation and going concerned.

ASC 210 will be our next subject area, which deals with the balance sheet. We will learn its applicability with the help of an example.

Next, we will discuss ASC 215 and 225 which relates to shareholder equity and income statement respectively.

Our next subject area will be ASC 230 relating to the cash flow statement, where we will discuss methods for its preparation along with examples.

We will then focus our energies on ASC 260 and 305 which deal with earnings per share (EPS) and cash equivalents respectively. We will understand the simple capital structure, weighted average structure and complex capital structure, in addition to the classification of cash equivalents with the use of examples.

The tutorial will then cover ASC 310 relating to receivables. Here we will learn about receivables, their discounting, write off and other related concepts.

The session will be conducted to discuss ASC 323 and 326 dealing with investments and credit losses in financial instruments respectively.

ASC 330 which is concerned with inventory will also be discussed. We will learn about inventory valuation and its accounting using examples.

The concept of intangibles is dealt with ASC 350, which will be explained with the help of examples.

Learners will also develop an understanding of ASC 360 relating to property, plant, and equipment (abbreviated as PPE). Here you will get to know about basics, depreciation methods and accounting on disposal.

We will then focus on ASC 405 and 430 which deals with liabilities and deferred revenue respectively.

Training will be imparted on ASC 470 which is concerned with debt.

Our next target is ASC 505 dealing with equity. We will discuss equity and treasure stock, cost and par method for treasury stock, stock dividend and stock splits.

Another important ASC is 605 which is related to revenue recognition and its criterion.

In the next phase, we will learn about ASC 705 and 740 which deals with the cost of sales and income taxes respectively.

ASC 810 which deals with consolidation will also be discussed.

In the last section, we will learn about ASC 958 which is concerned with not-for-profit entities and accounting that is applicable for them.

At the end of the course, learners will be well aware of the application of various accounting standards as per US GAAP.