Intermediate Financial Accounting I

What you'll learn

• Explain the US reporting environment, including the FASB, the Codification, the SEC and Private Company Council alternatives, and apply the conceptual framework's objective, qualitative characteristics and element definitions.
• Measure fair value using the ASC 820 hierarchy and valuation techniques, and present performance under Regulation S-X and ASU 2024-03, including other comprehensive income and discontinued operations, contrasting IFRS 18.
• Classify assets and liabilities as current or non-current, distinguish adjusting from non-adjusting events after the reporting period, and prepare and interpret a statement of cash flows using the indirect method.
• Apply the five-step revenue model to identify contracts and performance obligations, determine and allocate the transaction price, and recognize revenue at a point in time or over time.
• Account for variable consideration, returns, significant financing components, principal-versus-agent arrangements, licenses, warranties, customer options and bill-and-hold arrangements.
• Account for cash, receivables and credit losses under the CECL model of ASC 326, measure notes receivable at amortized cost with the effective interest method, and evaluate transfers of receivables under ASC 860.
• Determine which goods and costs belong in inventory, allocate production overhead at normal capacity, apply specific identification, FIFO, weighted-average and LIFO, and use the LIFO reserve to convert to FIFO.
• Apply lower of cost and net realizable value and, for LIFO and retail inventories, lower of cost or market, account for purchase commitments, estimate inventory with the gross profit and retail methods, and analyze inventory errors.
• Measure the cost of property, plant and equipment, including lump-sum purchases, self-constructed assets, capitalized interest, nonmonetary exchanges and government assistance.
• Compute depreciation under several methods, account for changes in estimates, contrast the IFRS revaluation model, compute depletion and record disposals and held-for-sale classification.
• Test long-lived assets for impairment under ASC 360, allocate losses within asset groups, explain goodwill testing under ASC 350 and contrast the IFRS one-step model and reversals.
• Recognize and amortize intangible assets, apply ASC 730 and the software capitalization rules, measure goodwill in a business combination, and integrate the course in a year-end asset-reporting case that identifies US GAAP and IFRS differences.