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EY Diploma in Application of US GAAP

25 Nov 2021 startONLINE LIVE
Price: EUR 200 per module for EY clients
See Date and Location below for package discounts!

Contact us about organising this course in-house.

8-Day Training Programme

The US GAAP training programme is intended for those responsible for the preparation of financial statements or reporting packages under US GAAP or simply for those who wish to better understand US GAAP.

There is a total of eight days face-to-face tuition divided into eight modules. Each participant can select the module(s) that is/are applicable to them. In the time between courses the candidates are expected to study at home in their own time and solve progress tests. There is a tutor hotline available in order to communicate with the tutor about any problems or any questions.

Participants will receive an EY Academy of Business Diploma upon successful completion of the final exam at the end of the programme.

The programme includes a detailed discussion of the most significant standards and their practical applications. We do not require any prior experience of US GAAP.

  • For whom?
  • Objectives and advantages
  • Programme
  • Date and location
  • Tutors
  • Price
  • Contact
  • Educational points/units
  • Download course programme in PDF

For whom?

The course is designed for individuals working in financial functions in industry and commerce (finance directors, controllers, chief accountants and bookkeepers). The course presumes knowledge of basic accounting procedures and double entry bookkeeping. No prior knowledge of accounting standards is required. The course is conducted in English.

Who is our US GAAP training for? Read our short comment piece.

Objectives and advantages

  • To apply in a practical context, advanced accounting principles and techniques.
  • To evaluate and apply the requirements of US GAAP.
  • To analyse, interpret and report on financial statements and related information to different user groups.
  • To increase competency to deal with the challenges of implementing US GAAP.

Online Course Delivery

Participants attending our online training programmes can expect the following features:

  • ‘Classroom effect’ so that everyone knows who the other participants are and can communicate with them and tutor via chat;
  • Possibility to communicate via audio with small groups or when the trainer allows;
  • Sharing screens so that participants can work together in real time;
  • ‘Breakout rooms’ enabled so that the class can be divided into groups;
  • Downloadable materials all in one location, printable;
  • Surveys, polls, MCQs and open questions during the training;
  • Evaluation tests can be given during the online course;
  • CPD certificates issued to participants.

All our trainers have many years of experience in online training delivery.

Find out more about how we deliver interactive online classrooms.

In-house training

This programme is also available as in-house training to meet clients' needs. 

Programme

Module A - 25 November 2021

Introduction to US GAAP
  • A short introduction to the programme. Regulatory framework and fundamental concepts
  • Who makes the accounting rules? This will be introduced by a brief history of financial reporting in the US and the necessity for the SEC, the FASB and the PCAOB.
  • The sources of US GAAP and what is the codification.
  • The conceptual framework behind US GAAP. We will discuss its importance in the context of developing accounting standards.
Presentation of financial statements
  • The formats of financial statements under US GAAP:statement of position, net income statement, statement of cash flows, statement of changes in equity anda discussion on the concept of comprehensive income.
  • We will introduce some of the specific language ofaccountants in the US.
  • Related party disclosures.
  • Presenting stockholders’ equity.
  • Subsequent events and going concern
  • A summary of the filing requirements with the SEC.
Property plant and equipment
  • Basis of valuation of property, plant and equipment.
  • The depreciation methods under US GAAP.
  • Changes in depreciation method or useful life. We will introduce the difference between a change in estimate and a change in accounting principle.
  • Interest capitalization: Which assets can interest be capitalized on and for what period can it be capitalized? Calculating the rate and amount of interest to be capitalized.
  • Impairment of long-lived assets: When to test an asset for recoverability, how to decide if an impairment has occurred and the calculation of the amount of the impairment under US GAAP, grouping long-lived assets for the purposes of the impairment calculation and the accounting entries involved.
  • Held for sale assets and discontinued operations.
  • Asset retirement obligations.

Module B - 26 November 2021

Revenue from contracts with customers (ASC 606)
  • The five step model of recognizing revenue
  • Accounting for contract modifications
  • The concepts of performance obligations and variable consideration
  • Unbundling of contracts
  • When revenue is recorded at a point in time or over time
  • Real estate sales and construction contracts under ASC 606.
  • Recognition of contract revenue and costs and recognition of expected losses on contracts .
  • Accounting for contract costs, warranties and principal versus agent issues related to revenue recognition.
  • Presentation and disclosure under ASC 606.
Intangible assets and goodwill
  • Goodwill and negative goodwill accounting.
  • Definite and indefinite life intangibles.
  • Intangible assets arising in business combinations.
  • The impairment test on goodwill.
  • Research and development costs.
  • Software development both for sale and internal use.
Inventories
  • Costs to be included in inventory.
  • Lower of cost and net realizable value and when to use lower of cost and market.
  • Methods of allocating costs to units of production: FIFO, LIFO andaverage cost.
Changes in accounting policy and accounting changes
  • Accounting changes and error corrections.
  • The difference between a change in estimate and change in principle..

Module C - 16 December 2021

Accounting for leases under ASC 842
  • The need for a new standard on leasing
  • Identifying whether a lease is finance or operating for lessees.
  • Accounting for finance leases including the allocation of interest and capital elements and depreciation of the asset.
  • When to use the imputed rate of interest in the lease and when the incremental borrowing rate of the lessee should be used.
  • Accounting for operating leases for lessees and the balance sheet impact.
  • Lessor accounting for sales-type and operating leases.
  • Sale and leaseback transactions.
  • Accounting for subleases
Deferred taxation
  • ASC 740 on deferred taxes.
  • Temporary and permanent differences.
  • Classification of temporary differences.
  • Deferred tax on acquisition of a subsidiary.
  • Deferred tax assets and valuation allowances, net operating losses carried forward.
  • Uncertainty in income taxes
Contingent losses and gains and other cost-related items
  • Contingent gains and losses.
  • Uncollectible receivables, product warranties, loan guaranteesand other loss contingencies.
  • Environmental liabilities.
  • Compensated absences.
  • Disclosure of certain significant risks and uncertainties.
  • Advertising costs.

Module D - 17 December 2021

Group accounting
  • The concept of groups and consolidated accounts.
  • The consolidated balance sheet.
  • Goodwill and negative goodwill .
  • Valuation considerations of the consideration and the assets acquired.
  • The consolidated statement of net income.
Fair value measurement
  • The use of fair value measurement in financial reporting and as it relates to acquisitions.

Module E - 24 February 2022

Earnings per share
  • Basic and diluted EPS.
  • Complex capital structures including convertible instruments and the treatment of options in the calculation of EPS.
Statement of Cash flows
  • Some basic principles as to why such a statement is necessary and gross versus net reporting.
  • The categories of operating, investing and financing activities under US GAAP.
  • The direct and indirect methods of reporting cash flows from operating activities.
Segment reporting
  • Identifying an operating segment for reporting purposes.
  • What has to be disclosed?
  • Enterprise wide disclosures.

Module F - 25 February 2022

Investment in debt and equity securities
  • When to use the various classifications of held-fortrading, held-to-maturity and available-for-sale for debt securities.
  • The basis for valuation in the balance sheet and the impact on earnings.
  • The impact on percentage holding if common stock is held.
  • Investments in equity securities (ASC 321)
  • The new credit-impairment model under ASC 326
Accounting for equity investees and joint ventures
  • The concept of significant influence.
  • Equity accounting effects on the income statement and balance sheet.
  • The impact of impairment on goodwill in an equity investee.
Accounting for derivative financial instruments (ASC topic 815)
  • What is a derivative? How does ASC topic 815 define them and some exceptions?
  • Embedded derivative instruments.
  • Cash flow and fair value hedges.
  • The fair value option for financial assets and liabilities.
  • Recent changes to hedge accounting under ASU 2017-12
Long term debt – interest and issue costs
  • The treatment of notes issued.
  • The treatment of discounts and premiums.
  • Loan origination fees and costs.
  • Impairment of loans.
  • Extinguishment

Module G - 24 March 2022

Foreign currency transactions and translation 1 – Individual Companies
  • The concept of functional currency.
  • Monetary and non-monetary items and how they are treated.
  • Forward exchange contracts, including hedging.
Foreign currency transactions and translation 2 – Group Financial Statements
  • The concept of functional currency.
  • The current rate method and the re-measurement basis and when to use them.
  • Treatment of exchange differences.
Piecemeal acquisition and disposal of subsidiaries
  • Piecemeal acquisition
  • The accounting treatment depending on the shareholding remaining in the income statement and statement of position.
  • The calculation of the consolidated profit or loss on disposal.
  • Loss of control in a subsidiary
Complex group structures
  • How are intermediate holding companies treated?
  • The calculation of percentage ownership for group accounting purposes.
  • The consolidation of variable interest entities

Module H - 25 March 2022

Accounting for employment costs
  • Short term benefits.
  • Defined benefit and defined contribution schemes and their accounting issues.
  • Current service and past service cost, interest cost, actuarial gains and losses and unrecognised gains and losses.
Share based payment
  • The historical basis behind the need for such a standard.
  • Equity versus cash settled transactions.
  • Vesting conditions.
  • Modification of awards of equity instruments.
SEC standard forms and filings
  • For SEC companies, they need to file particular forms, some of which incorporate the US GAAP financial statements.
  • The laws that govern the securities industry.
  • A brief guide to corporate filing.
Convergence with IFRS
  • With the elimination on the necessity for a reconciliation of IFRS financial statements and the SEC proposal to allow US domestic companies use IFRS, convergence is now a hot topic for US companies.
Revision
  • In order to prepare for the final examination, we will go through a number of typical questions on topics covered throughout the course.

Date and location

The new training programme starts on 25 November 2021. Join us in Warsaw or Online Live

Our training days run from 9:00am to 4:30pm CET | 11:00am – 6:00pm GST | 12:30pm – 7:30pm IST.

Special offer for EY clients

The cost of the 8-day programme if paid upfront is as follows: 

  • Option 1 - 6690 PLN or 1520 EUR net [standard price is 8600 PLN or 1960 EUR net]
    The course combines lectures, question and answer sessions, practical exercises and examples

  • Option 2 – 6790 PLN or 1550 EUR net  [standard price is 8700 PLN or 1990 EUR net]
    In addition, participants receive online tests to prepare for the final exam

  • Option 3 – 7000 PLN or 1600 EUR net  [standard price is 8910 PLN or 2040 EUR net]
    In addition, participants receive online tests to prepare for the final exam, e-mail contact with the tutor and access to two e-learning courses: https://elearning-academyofbusiness.pl/produkt/mssf-testy/ 

The price per 1-day module is 860 PLN or 200 EUR net  [standard price is 1075 PLN or 245 EUR net]

Brian Connolly, FCA, ACMA

Brian is an expert trainer with the EY Academy of Business and lectures in US GAAP, ACCA and the International Finance Postgraduate Studies programme. He has co-authored the 12-day EY Diploma in IFRS programme.

Brian graduated from University College Dublin in Ireland. He is professionally qualified with the Institute of Chartered Accountants in Ireland (ACA), the Chartered Institute of Management Accountants (ACMA) and the Institute of Taxation in Ireland (AITI). He has trained clients in many countries, including Germany, Hungary, Poland, Russia, Kuwait, Bahrain and the UAE.

Price 8600.00 PLN (+ 23% VAT)
Discounted price 6690.00 PLN (+ 23% VAT)
E-mail the Course Co-ordinator

Contact

If you have any questions, please contact the course coordinator, Aleksandra Trych: tel: +48 505 171 636

Educational points

56 CPD (Continuous Professional Development) credit hours are awarded for successful completion of the full 8-day programme.

Our training courses fulfil the requirements of international professional bodies (ACCA, IIA, PMI®) for their members' continuous professional development.