Accounting Challenges Complete (Virtual Class Recording)

This curriculum will provide an overview of common but commonly misunderstood items in a company’s balance sheet.

Join Michael Parks, CPA - Director of Internal Audits at MDRC (Manpower Demonstration Research Corporation) as he helps students better understand topics such as: Deferred Taxes; Goodwill; Pension Expense & Liabilities; Capital & Operating Leases; Contingent Liabilities; and ''Mark-to-Market'' Accounting

Take this class without ever leaving the office via our Virtual Classroom (Virtual NYIF). Accessible from any internet connected computer - regardless of where you are geographically. All you need is an internet connection, a browser and speakers or audio headphones!

Available TodayOnlineUSD$400
Instructional Method:
Self-Study
Instructor(s): [ Michael Parks; ] Level: Intermediate

CPE CREDITS
6
Financial managers, investors, research analysts, credit and financial analysts.
Students will be able to:
  • Understand the current accounting for operating and capital leases
  • Discuss recently proposed changes to the accounting for leases
  • Describe what operating and capital leases are and the differences between them
  • Understand how they are reflected and accounted for in the balance sheet and income statement
  • Discuss the FASB’s recently proposed changes to accounting for leases
  • Understand what contingent liabilities are
  • Explain the current accounting criteria for recording liabilities
  • Demonstrate how contingent liabilities are presented and disclosed in the balance sheet and notes to the financial statements
  • Understand the accounting for taxes for financial reporting purposes
  • Discuss deferred tax assets & liabilities
  • Describe temporary and permanent differences between the tax return and financial reporting recognition of items
  • Explain what goodwill is
  • Understand how goodwill is created
  • Understand how goodwill is accounted for in the balance sheet and income statement subsequent to creation
  • Explain the different accounting treatment for defined contribution and defined benefit pension plans
  • Describe how pension expense is determined and its components; benefit obligations, funded status and amounts recognized in the balance sheet
  • Understand what “mark-to-market” accounting is
  • Describe the concept of “ fair value” and how it relates to “mark-to-market” accounting
  • Explain which components of the balance sheet “mark-to-market” accounting is used for
  • Understand how the use and affects of “mark-to-market” accounting are disclosed and presented in the financial statements
Introduction to Financial Accounting or equivalent knowledge.
"Michael is a fantastic teacher and is very talented at sparking interest in the students."
"Michael is very patient and knowledgeable. He went out of his way to make sure that everyone understood the subject matter."
Deferred Taxes – What are they?
Topics covered include:
  • Income Tax Return v Income Statement Recognition of Revenues/Expenses
  • Temporary Differences & Examples
  • Permanent Differences & Examples
  • Income Tax Expense Recognition in the Income Statement
  • Income Tax Liability in the Balance Sheet
  • Deferred Tax Assets & Liabilities
Duration: 1 hour

Goodwill – What is it?
Topics covered include:
  • Goodwill - Definition
  • How goodwill comes to be in a balance sheet
  • Subsequent accounting for goodwill – Balance Sheet & Income Statement
Duration: 1 hour

Pension Expense & Liabilities – What are they?
Topics covered include:
  • Defined Benefit and Defined Contribution Pension Plans – Definitions and Examples
  • Defined Contribution Pension Plans – Pension Expense and Liabilities
  • Defined Benefit Pension Plans – Pension Expense and Liabilities
  • Note Disclosures
Duration: 1 hour

Capital & Operating Leases – What are they?
Topics covered include:
  • Capital Leases – Characteristics
  • Operating Leases – Characteristics
  • Current Accounting for Capital Leases
  • Current Accounting for Operating Leases
  • FASB’s Proposed Changes to Accounting for Leases
Duration: 1 hour

Contingent Liabilities - What are they?
Topics covered include:
  • Contingent liabilities – definition and examples
  • Criteria for recognizing liabilities
  • Presentation of contingent liabilities in the balance sheet
  • Disclosures of contingent liabilities in the notes to the financial statements
Duration: 1 hour

“Mark-to-Market” Accounting – What is it?
Topics covered include:
  • “Mark-to-market” accounting - definition
  • Fair value accounting
  • Assets accounted for using “mark-to-market” accounting
  • Reporting the effects of changes in fair value
  • Disclosures about the use of fair value accounting in the notes to the financial statements
Duration: 1 hour

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