Customer Service: 800-778-7436     

    Log In to Your Surgent Account

    Forgot?
    Forgot?

    Register for an Account

Sign In to Your Surgent Account

Forgot Username or Password | Register for an Account

Choose CPE Format:

Live WebinarSELECT

There are currently no upcoming dates scheduled for this webinar. Please fill out this short form to be notified when this webinar is next available. 

FIRST NAME
LAST NAME
EMAIL ADDRESS
COMMENTS (OPTIONAL)
Self-StudySELECT STARTING AT $54

On-Demand Webcast

Credits: 3

Qualifies For:

$54
Get this course FREE with an Unlimited Package! Learn More
  • It was an awesome course. I have recommended it to a couple of CPA friends.

    - A Surgent Customer

Interested in bringing this course into your firm?

PRIVATE WEBINARS AND LIVE ON-SITE COURSES ARE AVAILABLE. LEARN MORE.

Private Company Council - Impact on U.S. GAAP (Customized Audit Skills Training Elective) (ELC4)

  • Customer Rating
    Not Yet Rated
  • Field of Study
    Accounting
  • Level
    Basic
  • Credits
    3
  • Qualifies for

    CPE

Overview

While there are around 27 million businesses in the United States, less than 1% are listed on a U.S. exchange. However, private entities also account for more than 85% of U.S. companies with greater than 500 employees. The wide disparity in the nature, size and complexity of private companies has led to the desire to create flexible accounting and financial reporting alternatives for private entities. The goal is to take cost-benefit considerations into account, while continuing to meet the needs of private entity financial statement users. This course will explore the accounting and financial reporting options available for private businesses, focusing on U.S. GAAP that has been influenced by the formation of the Private Company Council.

Major Topics:

  • Background of Private Company Council alternatives within U.S. GAAP
  • Overall considerations regarding disclosure simplifications
  • ASU 2014-03:  Derivatives and Hedging - Accounting for Certain Receive-Variable, Pay-Fixed Interest Rate Swaps – Simplified Hedge Accounting Approach
  • ASU 2014-02:  Intangibles – Goodwill and Other: Accounting for Goodwill
  • ASU 2014-07:  Consolidation – Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements
  • Comparison to the AICPA’s Financial Reporting Framework for Small- and Medium-Sized EntitiesTM
  • Highlights of focus on generally accepted accounting principles for nonpublic entities worldwide

Learning Objectives

  • Describe the history of formation of the Private Company Council (PCC)
  • Explain real-world applicability of U.S. GAAP influenced by the PCC
  • Describe requirements of the accounting standards released as a result of PCC consensus, and how they differ from full U.S. GAAP
  • Identify major differences between private entity alternatives in U.S. GAAP and the AICPA’s special purpose framework also available as an accounting and financial reporting alternatives for private entities

Who should take this course:

Designed for:

Accountants responsible for preparation or fair presentation of financial statements for private entities, or attest service providers for private entities

Prerequisite:

None

Advanced Preparation:

None

Loading...

Loading...

Thank You!

YOU HAVE ADDED THE FOLLOWING TO YOUR CART:


Loading...

Thank You!

Thank You! Your request has been submitted.



Get More with a Surgent CPE package

Self-Study Library Package

  • Unlimited 24/7 access to 200+ downloadable self-study courses

  • Courses range from 2-20 credits

  • Provides online grading & CPE certificates by email

$499

Learn More

Unlimited Webinar Package

  • Unlimited access to all non-premium live CPE webinars

  • Includes 1-, 2-, 3-, 4-, and 8-hour webinars, including Saturday and evening options

  • Access through 12/31/16

$649

Learn More

Unlimited Plus Package

  • Unlimited access to ALL live CPE webinars

  • Includes all premium courses and virtual conferences

  • Unlimited 24/7 access to all self-study courses

  • Includes all on-demand webcasts Access for a year from purchase date

  • Unlimited 24/7 access to all self-study courses

$849

Learn More
  • CPE Continuing Professional Education for CPAs

  • IRS Continuing Education for EAs and the AFSP program

  • CFP Accepted by the CFP® Board

  • YB YellowBook Continuing Education

Explore Additional Courses by Topic

SURGENT IS APPROVED AS A PROVIDER OF CONTINUING EDUCATION BY:

Thank You!

Thank You! Your subscription has been submitted.