Understanding the proper accounting for and reporting of financial statement areas containing uncertainty can be challenging, especially ensuring adequate disclosure of risk to the financial statement users. This course will provide critical considerations when evaluating the proper treatment of accounting estimates, loss contingencies, and going concern in U.S. GAAP-basis financial statements.
Course ID: AFSU
Accounting for Financial Statement Uncertainty: Estimates, Contingencies, and Going Concern
Learning Objectives
• Identify areas of the financial statements that contain accounting or reporting uncertainty
• Recall the proper accounting treatment of loss contingencies under U.S. GAAP
• Recognize how to evaluate the sufficiency of accounting for areas of estimation, such as common allowances and accruals
• Determine the important considerations when determining the proper disclosure of going concern and other areas of uncertainty
Major Topics
• 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. GAAP
Who Should Attend
Public and industry accountants responsible for monitoring fair presentation of financial statements
Fields of Study
AccountingPrerequisites
None