This course focuses on the accounting-related complexities for estimated liabilities and contingent liabilities. Customer loyalty programs, warranties, asset retirement obligations, and other examples are discussed.Generally accepted accounting principles (GAAP) recognition and disclosure methods are also presented.

This course will serve as a guide for accounting and finance professionals who need to fully understand how to prepare and interpret financial reports.

Learning Objectives
  • Recognize liabilities related to economic transactions
  • Recognize valuation methods used when accounting for estimated liabilities
  • Identify accounting principles related to liabilities
  • Identify examples of estimated liabilities
Last updated/reviewed: March 8, 2024
36 Reviews (189 ratings)

Reviews

2
Member's Profile
1. In my opinion, accounting for liabilities/contingencies can be a very interesting one especially when compared to other accounting topics which are very dry. I feel the instructor could've added much more "flavor" to the class to make it more appealing. Also very monotone... 2. I did like that it covered a good number of examples (gift cards, warranties, etc).

3
Member's Profile
I recognize that this is tough material for an instructor to cover, but I still expected more than I got out of this class. Perhaps we could see concrete examples of how different companies recorded these different types of liabilities (while complying with FASB or IASB guidance, of course).

3
Anonymous Author
Thorough discussion of liabilities & related info but the slides were very hard to follow. As a visual person, this would be much better with more detailed slides. It was hard to watch when there wasn't anything tying the audio in

5
Anonymous Author
Really good lesson on learning about pension and warranty liability. The instructor did a great job teaching the material and helping me understand more thoroughly loyalty programs and gift cards as well as pension liabilities.

3
Anonymous Author
The course only scratches the surface of accounting for liabilities. There is not enough details in the slides. It's more suited for someone who does not have much knowledge about accounting for the various liabilities.

3
Anonymous Author
This course was a good refresher. The allotted time is sufficient to cover all the topics and the instructor appears knowledgeable. However, some of the questions covered in the final exam did not appear in the lecture.

4
Anonymous Author
Slow pace of this course made it difficult to follow. Slide material was significantly vague and of little use for test answers. All test content came from active listening of the entire course material.

3
Anonymous Author
The course materials did not have a lot of information on them - mostly just header for what the instructor was talking about. It was difficult to remember all the case scenarios without some references.

2
Member's Profile
This course was presented in a choppy manner. Felt like it was a classroom lecture mashed together where I was missing relevant discussion and the textbook. Slides did not add to the course.

4
Anonymous Author
Course is a decent overview, but wish the slides had more material on them for quickly refreshing in the future instead of having to watch the entire class again to get the actual material.

5
Member's Profile
The instructor gave great examples during the presentation and kept the material interesting. He covered many different accounting areas that require estimates and valuations.

4
Member's Profile
This is good high level review of liabilities. The course covers a lot of topics but not in great detail. Its a good course for a general understanding of liabilities.

3
Member's Profile
This is a dry course given in a dry manner with uninteresting slides to support it. The information is there by you have to find the nuts like a squirrel in winter.

3
Anonymous Author
Great verbal examples however the supporting slides don't include the example detail or bullet points which were communicated during the presentation.

5
Anonymous Author
This accounting for liability estimation and valuation is a great course. It really help me refresh my knowledge of liability accounting.

4
Anonymous Author
Good course, the Final Exam questions are difficult bc the lecture lightly covers the specific answers. Overall good.

4
Member's Profile
Great course and materials. Appreciate the focus on topics relevant today, including loyalty programs. Thanks!

5
Anonymous Author
The class materials were OK - not as helpful for review and left a lot of material in the speaking portions.

3
Member's Profile
Lot of difficult tops crammed into one course. I think this course can be split into multiple classes.

4
Anonymous Author
Nice overview of various liabilities items that involve estimation and a bit more complexity behind

4
Anonymous Author
Great real world examples used in the course to illustrate accounting for liabilities.

5
Member's Profile
It was a great lesson to learn how estimation and valuation should be calculated.

5
Member's Profile
This course was great in refreshing my knowledge of accounting for liabilities

5
Member's Profile
I really benefited from this course. Instructor was very straight forward

5
Member's Profile
Even pace. Excellent grapgics. Course outline was immensely beneficial.

3
Anonymous Author
Good course, wish it had more detailed examples of calculations though.

Anonymous Author
Good general review. Like the quick check questions. A little dry...

4
Member's Profile
Good logical overview and refresher. Comparison to IFRS helpful too.

4
Member's Profile
Good discussions about potential liabilities and how to record them

4
Member's Profile
An OK overview course. Slides cold have been much more informative.

4
Member's Profile
Good overview of liabilities and great real life examples.

3
Member's Profile
works for what i need to renew my cpa and cia licenses.

5
Member's Profile
The instructor was very helpful. Great review quiz.

2
Member's Profile
Good course for insomniacs. Presenter was boring.

5
Member's Profile
I liked the real-world examples.

4
Anonymous Author
good review material

Prerequisites
Course Complexity: Advanced

No advanced preparation or prerequisites are required for this course.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
Course Syllabus
Introduction and Overview
  Introduction to Accounting for Liabilities – Estimation and Valuation4:38
Accounting for Liabilities
  Warranties 9:08
  Litigation 14:59
  Loyalty Programs 12:35
  Gift Cards 9:02
  Asset Retirement Obligations 14:48
  Retirement Plans 10:53
Continuous Play
  Accounting for Liabilities – Estimation and Valuation1:16:03
SUPPORTING MATERIALS
  Slides: Accounting for Liabilities – Estimation and ValuationPDF
  Accounting for Liabilities – Estimation and Valuation Glossary/IndexPDF
REVIEW and TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam