MYCPE ONE

GAAP Essentials Unveiled: Dynamic Accounting and Reporting Insights 16 Credits 16 Credits

GAAP Essentials Unveiled: Dynamic Accounting and Reporting Insights 16 Credits 16 Credits

  • Kelen Camehl

    | CPA (US), MBA

  • Rating

    4.5

  • Published on

    February, 2025

    Published on

    February, 2025

  • Subject Area

    Accounting

Learning mode

E-Book
  • Access the course at your convenience
  • Take the assessment test
  • Get your certificate
  • Attend the live interactive session
  • Answer the polling questions
  • Get your certificate

Access to this course is included with a MYCPE ONE subscription.

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AI Review Summary

Generated by AI based on all course reviews

Learning Objectives

  • Identify business combination steps and measurement periods.
  • Discuss revenue recognition five-step process and contract criteria.
  • Classify lease types and record proper disclosure requirements.
  • Differentiate software accounting methods and capitalization timings.
  • Analyze litigation outcomes and record contingency disclosures appropriately.
  • Implement error corrections and apply accounting changes effectively.

Course Overview

Are you ready to transform your accounting skills and master U.S. GAAP complexities? This course invites you to explore the essential topics that shape modern financial reporting. Begin by unraveling the intricacies of business combinations—examining acquisition methods, asset measurement, and recognition periods—while also dissecting the five-step revenue recognition process. You'll gain clarity on identifying contracts, pricing transactions, and allocating amounts to performance obligations. Dive into ASC 842 as you classify lease transactions and master both initial and subsequent measurement requirements, setting a solid foundation for accurate disclosures.

Expand your expertise further by examining goodwill impairment testing, where you differentiate between qualitative and quantitative assessments and apply accounting alternatives where applicable. The course also covers the evaluation of legal contingencies, emphasizing the classification of litigation outcomes, the role of legal counsel, and the proper recording of liabilities and disclosures. Additionally, you will explore the dual aspects of software accounting for internal use and resale, covering capitalization, amortization, and the nuances of technological feasibility. The final chapters address the systematic approach to accounting changes and error corrections, as well as the careful application of non-GAAP financial measures to ensure transparent and compliant reporting.

Major Topics:

  • Dynamic Financial Reporting Techniques
  • Robust Revenue Recognition Model
  • Comprehensive Lease Accounting Insights
  • Detailed Goodwill Impairment Analysis
  • Focused Litigation Contingency Evaluation
  • Innovative Software Cost Accounting

By the end of this course by Kelen Camehl, you will have a solid understanding of the latest U.S. GAAP standards and how to apply them in your practice. Join us to stay ahead in the dynamic field of accounting and ensure your financial reporting is accurate and up-to-date.

On Demand Credits for All Qualifications

License details Credits Status
Accounting for Certified Public Accountants (CPA-US) 16 CPE Approved
Financial Accounting for Certified Internal Auditors (CIA) 16 CPE Eligible
Accounting for Certified Fraud Examiner (CFE) 16 CPE Eligible
Financial Reporting for Certified Management Accountants (CMA) 16 CPE Eligible
Financial accounting for Certified Valuation Analyst (CVA) 16 CPE Eligible
Financial Reporting for Certified Financial Forensics (CFF) 16 CPD Eligible
Financial Statement Analysis for Chartered Financial Analyst (CFA) 16 PL Eligible
Financial Reporting for Certified Government Financial Manager (CGFM) 16 CPE Eligible
Accounting for Delaware Licensed Public Accountant (DE-LPA) 16 CPE Approved
Auditing for Internal Audit Practitioner (IAP) 16 CPE Eligible
Financial accounting concepts for Certified FP&A Professional (FP&A) 16 CE Eligible
Auditing for Qualification in Internal Audit Leadership (QIAL) 16 CPE Eligible
Financial accounting for Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA) 16 CPE Eligible
Accounting for Iowa Licensed Public Accountant (IA-LPA) 16 CPE Approved
Financial Statement Analysis for CIPM 16 PL Eligible
Accounting for Maine Licensed Public Accountant (ME-LPA) 16 CPE Approved
License details Credits Status
Accounting for Certified Public Accountants (CPA-US) 16 CPE Approved
Financial Accounting for Certified Internal Auditors (CIA) 16 CPE Eligible
Accounting for Certified Fraud Examiner (CFE) 16 CPE Eligible
Financial Reporting for Certified Management Accountants (CMA) 16 CPE Eligible
Financial accounting for Certified Valuation Analyst (CVA) 16 CPE Eligible
Financial Reporting for Certified Financial Forensics (CFF) 16 CPD Eligible
Financial Statement Analysis for Chartered Financial Analyst (CFA) 16 PL Eligible
Financial Reporting for Certified Government Financial Manager (CGFM) 16 CPE Eligible
Accounting for Delaware Licensed Public Accountant (DE-LPA) 16 CPE Approved
Auditing for Internal Audit Practitioner (IAP) 16 CPE Eligible
Financial accounting concepts for Certified FP&A Professional (FP&A) 16 CE Eligible
Auditing for Qualification in Internal Audit Leadership (QIAL) 16 CPE Eligible
Financial accounting for Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA) 16 CPE Eligible
Accounting for Iowa Licensed Public Accountant (IA-LPA) 16 CPE Approved
Financial Statement Analysis for CIPM 16 PL Eligible
Accounting for Maine Licensed Public Accountant (ME-LPA) 16 CPE Approved

Additional Information

Credits

16

Course Level

Basic

Instructional Method

QAS Self Study

Group Internet Based

Pre-requisites

None

Advance Preparation

None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

About Author

Kelen is a recognized author and reviewer of CPE courses and has authored over 150 courses (370+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics.  His courses are available for purchase from many online CPE providers including the AICPA.  Kelen remained involved in CPA exam content development for nearly 10 years and authored more than a thousand multiple choice questions for various sections of the CPA exam.  He also serves as an Editorial Advisor for the AICPA’s "Journal of Accountancy".    

Kelen has nearly 20 years of progressive finance and accounting experience. He currently serves as a Principal in Accounting Policy with HP in Doha, Qatar.  Prior to HP, he served in multiple accounting roles in the oil & gas industry with ConocoPhillips including technical accounting policy, SOX compliance, and internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors.

On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. Our courses qualify for credits with NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other professional organizations.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses accepted by NASBA and other professional organizations?

MY-CPE LLC courses are accepted for continuing education credit by various professional certification programs, including NASBA, IRS, CFP Board, and HRCI. MY-CPE LLC is also recognized by SHRM to offer Professional Development Credits (PDCs) for SHRM-CP® and SHRM-SCP® recertification activities.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other professional organizations for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Reviews and Ratings

out of 5

Excellent (64%)

Very Good (26%)

Average (10%)

Poor

Terrible

WH

William Hunter, CPA (US)

5

I read the e-book and it was a very good refresher course with necessary details to fully understand the topics

CM

Christopher Moody, CPA (US)

5

Very thorough. A good review of GAAP

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GAAP Essentials

Inclusions

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    Earn continuing education credits with flexibility. Choose from live webinars, on-demand courses, e-books, or podcasts to fit your learning style and schedule.

  • Certifications & Reporting

    Certifications & Reporting

    We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days - fastest in the industry.

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