The Financial Accounting Standards Board (FASB) recently issued new guidance with Accounting Standards Codification (ASC) Topic 805: Business Combinations that alters the definition of a “business” to assist entities with evaluating when a set of transferred assets and activities is a business. The revised definition should reduce the number of transactions that are accounted for as business combinations, where goodwill and other complex accounting issues come into play. This course will highlight what differentiates a “business” from a “group of assets”, and why it is important from an accounting and financial reporting perspective.
Learning Objectives
- Recognize what characteristics differentiate a “business” from a mere “group of assets”.
- Explore the implications from an accounting and financial reporting perspective between acquiring a “business” compared to a “group of assets”.
- Discover the recent enhancements to defining a “business” in accordance with U.S. generally accepted accounting principles (GAAP) in Accounting Standards Codification (ASC) Topic 805: Business Combinations.
- 1. Auditing PP&E, Including Leases under Topic 842 - Digesting the Risks of Improper Treatment of Tangible Long-Lived Assets
- 2. Preparing Financial Statements - An Auditor’s Perspective on What Matters Most
- 3. Revenue - Five Steps to Recognition (Text Based Course)
- 4. IFRS - Accounting for Employee Benefits per IAS 19 and IFRIC 14
- 5. Q1 2022 Technical Accounting Update
- 6. Government and Not-For-Profit Training – Not-For-Profit Statement of Financial Position
- 7. Yellow Book 4: Government Auditing Standards: Standards for Attestation Engagements
- 8. 2018 Yellow Book Part 1: Government Auditing Standards: Foundation Course
- 9. Audit Concepts for Cash and Related Fraud Risks
- 10. Special Audit Considerations - Comprehending Requirements of Group Audits, Compliance Audits, Using the Work of a Specialist or Others, and More!
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Prerequisites
No advanced preparation or prerequisites are required for this course.