US GAAP in English

Goals

While primarily aimed at subsidiaries of American companies, the seminar is also helpful for European companies that have established, or plan to establish, a US subsidiary. Because the US does not have an accounting directive similar to the EU, businesses do not generally need to deal with GAAP until their turnover exceeds set limits or they list securities on a US exchange (assuming they do not apply the SEC’s foreign private issuer exemption).

This seminar is also useful for owners of European companies contemplating a trade sale. Obviously, an EU based company is not required apply GAAP. Nevertheless, as the final price in such a sale is often derived from reported financial results, it is reasonable to present those results not only in a form that a US investor will immediately understand, but also in the best light possible as allowed by GAAP.

In addition to key topics such as revenue, leasing or fair value, the seminar also addresses issues such as goodwill, contingent liabilities and impairment. Besides discussing the guidance, the seminar includes hundreds of examples on how to apply the guidance in practice. While these examples are also available online at ifrs-gaap.com/policies-and-procedures, live commentary makes them easier and faster to apply.

Target

The seminar is intended for those already familiar with US GAAP who would like to expand their knowledge. Primarily, it focuses on those who have joined the finance department of a subsidiary of an American company as advancement in such a department requires not only a good working knowledge of GAAP, but also the ability to meaningfully discuss accounting issues with English-speaking managers and auditors (internal and external).

Contents

• introduction to US GAAP,
• recognition, measurement, disclosure,
• fair value,
• cash and short-term investments (basics),
• receivables: contract assets, revenue recognition (amount), examples,
• Inventory: recognition, measurement, examples, revenue recognition (timing),
• accruals,
• PP&E: recognition, measurement, useful life and depreciation,
• intangible assets: recognition, measurement, goodwill,
• leasing,
• liabilities,
• equity,
• income statement, revenue recognition (services and POC),
• impairment.

Notes