This program provides analysis and professional guidance on recently issued FASB guidance to help the practitioner identify risks and uncertainties in implementing the latest changes in accounting principles. Corporate Financial Reporting Issues begins with an overview and purpose of financial reporting and goes into an in-depth discussion concerning revenue recognition. Intangible assets, fair value reporting, stock options, variable interest entities, and financial instruments with characteristics of debt and equity are other topics covered in this course. To fully grasp the concepts in this program, we recommend the Bisk GAAP Guide: Complete as a prerequisite to this course.

Chapter 1 gives an overview and purpose of financial reporting.

Chapter 2 reviews the basic revenue recognition concepts.

Chapter 3 examines the general accounting concepts regarding intangible assets.

Chapter 4 focuses on the general accounting concepts regarding fair value measurement.

Chapter 5 explains shared-base payments and various accounting literature associated with this topic.

Chapter 6 defines variable interest entities and reviews the current authoritative literature on this subject.

Chapter 7 reviews the background, terms, and concepts of financial instruments with characteristics of both debt and equity.

• Understand the objectives of financial reporting by business enterprises

• Recognize the objectives of financial reporting by nonbusiness organizations

• Understand the fundamental elements of financial statements

• Be aware of generally accepted accounting principles and the GAAP hierarchy

• Understand how to recognize revenue when a right of return exists

• Be aware of how to recognize revenue under bill and hold sales

• Understand contract accounting

• Be aware of software revenue recognition concepts

• Understand revenue recognition for sales of real estate

• Be aware of financial statement disclosures related to revenue

• Be aware of other revenue recognition issues requiring consideration

• Recognize the proper treatment for initial recognition and measurement of intangible assets

• Be aware of the accounting guidance for intangible assets and goodwill

• Be aware of proper financial statement presentation for intangible assets and goodwill

• Be aware of the FASB project on fair value measurements

• Be aware of proper valuation techniques to use for measuring fair value

• Be aware of the fair value hierarchy and the definition of fair value

• Understand the general requirements of FASB Statement No. 123-R

• Be familiar with the significant amendments to FASB Statement No. 123

• Discover how to measure the fair value of share-based payment instruments

• Understand how to select assumptions for use in an option-pricing model

• Understand FASB Interpretation No. 46-R

• Determine what types of entities will be subject to consolidation under FASB Interpretation No. 46-R

• Use the concept of expected losses and expected residual returns to determine a VIE's primary beneficiary

• Determine what types of financial instruments have characteristics of debt and equity

• Understand the terms and concepts introduced in FASB Statement No. 150

• Understand how to account for mandatorily redeemable financial instruments

• Understand how to account for obligations to repurchase the issuer's equity shares by transferring assets

• Understand how to account for certain obligations to issue a variable number of shares

Kurt G. Oestriecher, CPA, is a partner with Oestriecher & Company of Alexandria, Louisiana. He graduated cum laude from Northeast Louisiana University in 1986 with a BBA in Accounting. He is partner in charge of accounting and auditing services, and is also involved in litigation support and small business engagements. He is a member of the AICPA and the Louisiana Society of CPAs (LCPA) and is the current president of LCPA. He is Chairman of the Louisiana Accounting and Auditing Conference Committee and is also serving on the Strategic Planning Committee, Budget Committee, Legislation Committee and Annual Convention Committee for the LCPA. He was the recipient of the 1998 Outstanding Discussion Leader Award from the LCPA. Mr. Oestriecher is a frequent lecturer for AICPA/PDI in Accounting and Auditing topics, and was chosen as a member of the Distinguished Instructor Panel at the 2000 AICPA/PDI Instructor Retreat. In addition to the CPE courses, Mr. Oestriecher has authored and presented numerous courses for state and national conferences. (Speaker)