This webinar occured on October 19, 2022 and is now over. You are still able to review the playback without CPE.
It’s the time of year again where CPAs are busily preparing for year-end and working to collect their required CPE credits. So why not do both at one time? We are excited to announce a FREE CPE-eligible webinar we are co-hosting with Intelligize, a leading provider of best-in-class content, exclusive news collections, regulatory insights, and powerful analytical tools for compliance and transactional professionals, on October 19th, 2022 from 1:00 PM – 2:00 PM EDT. Read on for more details and how to reserve your spot today!
So, why should you view this webinar playback? Recent global events coupled with the SEC’s growing focus surrounding reporting on impaired assets has created new financial reporting challenges with respect to impairment. Impairment has always been a complex accounting issue that usually involves the use of management estimates and lots of judgment! As a result, it is not surprising to hear that impairment is a potential Critical Audit Matter (CAM) for many issuers, adding additional attention from auditors and regulators alike, which often correlates to increased scrutiny around the financial reporting. To add to the financial scrutiny, non-GAAP measures are commonly leveraged when approaching impairment tests and reporting. Finally, impairment-related challenges are starting to make an appearance in issuer risk factors, Management’s Discussion and Analysis (MD&A), the notes to the financial statements, and more, which further expands the visibility of this topic within the corporate environment.
Get a refresher on the proper accounting for impairment under U.S. GAAP and learn how others are disclosing such issues in their financial statements in this 1-hour webinar playback, co-sponsored with Intelligize. It’s a must for those working on or with SEC registrants!
In this webinar we’ll cover to following topics:
- Recent global events causing a renewed focus on impairment
- Impairment models set out in ASC 350 and 360
- Required ordering of impairment tests
- ASU 2017-04 Simplifying the Test for Goodwill Impairment
- Example financial statement and non-GAAP disclosures
- Comment letters and SEC focus areas related to impairment
The Details
Learning Objectives
By the end of the course, you should be able to:
- Identify the proper impairment model for long-lived assets, intangible assets, and goodwill under U.S. GAAP
- Recall comment letter and SEC focus areas related to impairment
- Understand how to use Intelligize to research and review impairment-related disclosures within SEC filings
About Intelligize
Intelligize is the leading provider of best-in-class content, exclusive news collections, regulatory insights, and powerful analytical tools for compliance and transactional professionals. Intelligize offers a web-based research platform that ensures law firms, accounting firms, corporations and other organizations stay compliant with government regulations, build stronger deals and agreements, and deliver value to their shareholders and clients.
Missed the webinar and still need CPE?
Sorry we missed you, but we still have you covered. If you’re looking to learn more about impairment, but can’t attend our free webinar, check out these courses, available NOW, on the Revolution:
Impairment: PP&E and Intangible Assets
Impairment exists when the carrying amount of an assets exceeds its fair value, but not all impairment is recorded in the financial statements. Determining if an asset or an asset group is impaired takes a significant amount of judgment and an understanding of the requirements of the different impairment tests within U.S. GAAP. No worries. This CPE-eligible, eLearning course (1.5 CPE) has you covered! After discussing the scope of the impairment guidance and the concept of asset groups, this online course walks you through the "trigger-based" impairment test found within ASC 360 that is applicable to PP&E and intangible assets with finite lives. What about intangible assets with indefinite lives? We cover that too as we walk through the guidance within ASC 350. The online course concludes with a review of the presentation and disclosure requirements within U.S. GAAP related to impairment. If you’re looking for guidance on testing goodwill for impairment, you won’t find it in this course. We have a separate eLearning course dedicated to that topic.
Goodwill arises in a business combination, the difference between the purchase price and the fair value of the net assets acquired. Under U.S. GAAP, since goodwill is (currently) not amortized, it is required to be tested for impairment on an annual basis at the reporting unit level in accordance with ASC 350 Intangibles – Goodwill and Other. In this CPE-eligible, eLearning course (1.0 CPE) we discuss how to identify a reporting unit and the process for allocating goodwill amongst the various reporting units. Once this allocation is done, we dive into the requirements for testing goodwill for impairment under U.S. GAAP. With over $3.5 trillion of goodwill sitting on corporate balance sheets, this online course is a must for any accounting responsible for financial reporting or auditing U.S. GAAP financial statements!
Interested in both courses? Bundle and save! Don’t forget we also offer group discounts. Contact us today to learn more.
About GAAP Dynamics
We’re a DIFFERENT type of accounting training firm. We don’t think of training as a “tick the box” exercise, but rather an opportunity to empower your people to help them make the right decisions at the right time. Whether it’s U.S. GAAP training, IFRS training, or audit training, we’ve helped thousands of professionals since 2001. Our clients include some of the largest accounting firms and companies in the world. As lifelong learners, we believe training is important. As CPAs, we believe great training is vital to doing your job well and maintaining the public trust. We want to help you understand complex accounting matters and we believe you deserve the best training in the world, regardless of whether you work for a large, multinational company or a small, regional accounting firm. We passionately create high-quality training that we would want to take. This means it is accurate, relevant, engaging, visually appealing, and fun. That’s our brand promise. Want to learn more about how GAAP Dynamics can help you? Let’s talk!
Disclaimer
This post is published to spread the love of GAAP and provided for informational purposes only. Although we are CPAs and have made every effort to ensure the factual accuracy of the post as of the date it was published, we are not responsible for your ultimate compliance with accounting or auditing standards and you agree not to hold us responsible for such. In addition, we take no responsibility for updating old posts, but may do so from time to time.
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