This course will be an overview of:
- Identifying financial statement areas containing recognition, measurement, presentation, or disclosure uncertainty.
- Applying common techniques for evaluating the proper accounting treatment of loss contingencies, allowances, accruals, and other areas with recognition and measurement uncertainty.
- Describing important presentation and disclosure considerations when highlighting uncertainty to financial statement users making economic decisions.
- Evaluating the adequacy of disclosure of going concern uncertainty under U.S. US GAAP.
After completing this course, the learner should be able to:
- Identify areas of the financial statements that contain accounting or reporting uncertainty.
- Understand the proper accounting treatment of loss contingencies under U.S. US GAAP.
- Discuss how to evaluate the sufficiency of accounting for areas of estimation, such as common allowances and accruals.
- Describe the important considerations when determining the proper disclosure of going concern and other areas of uncertainty.