Topic 832: Accounting for Government Assistance

  • Accountant
  • CRMA
  • CFE
  • CGAP
  • CGFM
  • CIA
  • CPA (US)
  • IAP
  • QIAL
  • CFIRS
  • CWS

Published: December, 2021

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  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Why is FASB issuing topic 832?
    2 mins
  • How do the main provisions differ from current (GAAP)?
    10 mins
  • Nature of the assistance, related accounting policies, and effect
    26 mins
  • Decision - Useful information
    45 mins
  • Administration of government assistance
    53 mins
  • Significant terms and conditions
    63 mins
  • How do topic 832 provisions compare with IFRS standards?
    74 mins

Course Description

In its outreach with users, preparers, and practitioners of both public and private companies, the Financial Accounting Standards Board (FASB) learned most stakeholders want additional transparency around financial reporting of government assistance arrangements that businesses enter into—including those providing tax incentives and tax abatements.

There has been diversity in practice around recognizing, measuring, and disclosing these arrangements, which has resulted in less-than-optimal information for financial statement users.

Current GAAP has no specific authoritative guidance on the accounting for, or the disclosure of, government assistance received by business entities.

Topic 832’s goal is to improve financial reporting by requiring disclosures that increase the transparency of transactions. It focuses on the disclosures about the types of assistance, an entity’s accounting for the assistance, and the effect of the assistance on an entity’s financial statements.

In addition, Topic 832 says that requiring disclosures about government assistance in the notes to financial statements will provide comparable and transparent information to investors and other financial statement users to enable them to understand an entity’s financial results and prospects for future cash flows.

In this CPE course speaker, Michel Morley will discuss in detail the accounting of FASB Topic 832.

Major Topics Covered in this accounting CPE webinar:

  • Examination of the more significant principles of FASB Topic 832.
  • Understand the new requirements for annual disclosures.
  • Applying a grant or contribution accounting model by analogy.
  • Information about the nature of the transactions and the related accounting policy used to account for the transactions.
  • Line items on the balance sheet and income statement that are affected by the transactions, and the amounts applicable to each financial statement line item.
  • Significant terms and conditions of the transactions, including commitments and contingencies.
  • Overall presentation and disclosure requirements.

Learning Objectives

  • To recognize and apply the new additional disclosure requirements.
  • To analyze what’s different about accounting for government assistance. 
  • To review the conditions for prospective and retrospective application.
  • To explain the scope of Topic 832 and to which entities does it apply. 
  • To discuss how to apply FASB Topic 832.

Recommended For

  • This CPE webinar is recommended for CPAs, CMAs, CIAs, Accounting and auditing practitioners at all levels desiring to remain up to date on recent pronouncements of SAS 134 and who wants to advise their clients on their ability to continue as a going concern while meeting their obligations.

Who Should Attend?

  • Certified Management Accountant (CMA)
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2 CPE Credit for Internal Audit Practitioner (IAP)
  • 2 CPE Credit of Accounting (Govt.) for Certified Public Accountants (CPA-US)
  • 2 CPE Credit of Accounting & Auditing (Govt.) for Certified Internal Auditors (CIA)
  • 2 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
  • 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2 CE Credit for Certified Wealth Strategist (CWS)
  • 2 General Credit for Accountant/Bookeeper
  • 2 CPE Credit of Accounting (Govt.) for Certified Fraud Examiner (CFE)
  • 2 CPE Credit for Certified Government Financial Manager (CGFM)
  • 2 CPE Credit for Certification in Risk Management Assurance (CRMA)
  • 2 CPE Credit for Certified Government Auditing Professional (CGAP)

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

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MY-CPE LLC (Sponsor Id#: 143597) 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.

Presenter

About Presenter

Michel Morley

Founder, Mike Morley

Mike Morley is a Certified Public Accountant and a recognized authority in the field of finance with more than 25 years experience in finance, including SOX and IFRS implementation.

An entertaining and informative speaker and trainer, Mike is the author of:

“IFRS Simplified” which provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS.

 “Sarbanes-Oxley Simplified” which is an easy-to-read explanation of the requirements of the U.S. legislation that makes CEO's & CFO's personally responsible for the accuracy of their company's financial statements.

“Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate.

Faq

FAQs content

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