QAS Registry
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| Title : |
Specialized Industry GAAP |
| Author : |
Jae K. Shim, Ph.D., CPA |
| Status : |
Production |
| CPE Credits : |
17.0 |
| CFP Credits : |
0 |
| CFP Topic : |
Not applicable |
| Price : |
$135.95 |
| Passing Score : |
70% |
| Primary Subject-Field Of Study : |
Accounting - Accounting and Auditing |
| Description : |
This course discusses all of the important authoritative pronouncements on GAAP for specialized industries. This course addresses accounting principles, financial reporting presentation requirements, required and recommended disclosures for such industries as, banking, broadcasting, cable television, computer software, franchising, insurance, motion picture, record and music, government contracts, oil- and gas-producing, real estate, not-for-profit, finance, and mortgage banking industries.
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| Usage Rank : |
0 |
| Release : |
2010 |
| Version : |
1.0 |
| Prerequisites : |
None. |
| Experience Level : |
Overview |
| Additional Contents : |
Complete, no additional material needed. |
| Advance Preperation : |
None. |
| Delivery Method : |
Self-Study. |
| Intended Participants : |
Anyone needing Continuing Professional Education (CPE). |
| Publication Date : |
11/30/2007 |
| Revision Date : |
07/07/2010 |
| NASBA Course Declaration : |
Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Comments : |
Tax, Assets, Income, Cash, Accounting, course, teach, Analysis, Financial Statements, financial statement analysis, interpret, analyze, investors, creditors, analysts, auditors, business, authoritative pronouncements, GAAP, specialized industries, account |
| Learning Objectives : |
Chapter 1
BANKING AND THRIFT INDUSTRY
Upon completion of this chapter, you will be able to
Explain how to account for the acquisition of a bank and thrift institution.
Discuss how to account for financial assistance granted by a regulatory agency to an entity that has acquired a bank or thrift institution.
Determine goodwill and value other assets acquired as a result of business combination
Account for troubled financial institutions
Chapter 2
BROADCASTING INDUSTRY
Upon completion of this chapter, you will be able to
Outline accounting for program license agreements, including cost allocation, amortization and capitalization
Discuss network affiliation agreements
Account for barter transactions
Chapter 3
CABLE TELEVISION
Upon completion of this chapter, you will be able to
Establish the prematurity period and account for its costs.
Capitalize interest costs during the prematurity period.
Outline how to recognize hookup revenue and amortize capitalized costs.
Discuss recoverability of capitalized costs.
Chapter 4
COLLEGES AND UNIVERSITIES
Upon completion of this chapter, you will be able to
Discuss the auditing of and reporting on the financial statements of governmental institutions of higher education including colleges, universities, and community or junior colleges.
State how to recognize depreciation by not-for-profit organizations/
Chapter 5
DEVELOPMENT OF COMPUTER SOFTWARE TO BE SOLD, LEASED, OR OTHERWISE MARKETED
Upon completion of this chapter, you will be able to
State how to account for research and development costs relating to software develop¬ment.
Capitalize computer software subsequent to the establishment of tech¬nological feasibility.
Describe purchasing computer software with no alternative future uses.
Discuss amortization of software costs.
Explain duplication of costs charged to inventory.
Outline end-of-period inventory and disclosures on the financial statements.
Chapter 6
ACCOUNTING FOR THE COSTS OF COMPUTER SOFTWARE DEVELOPED OR OBTAINED FOR INTERNAL USE
Upon completion of this chapter, you will be able to
Identify the costs incurred in the three stages of software development.
Discuss when to expense or capitalize costs.
Chapter 7
FRANCHISES
Upon completion of this chapter, you will be able to
Discuss how to accounting for revenue from individual franchise sales.
Explain how to accounting for revenue from area franchise sales.
Outline contractual arrangements between franchisor and franchisee.
Allocate initial franchise fee and continuing franchisee fees.
Describe product sales made to a franchisee on a continuing basis.
Define agency sales.
State how to account for franchising costs.
Detail required disclosures relating to franchisors.
Chapter 8
FINANCE INDUSTRY
Upon completion of this chapter, you will be able to
State how to account for loan origination fees and related costs.
Explain how to account for commitment fees and costs.
Discuss how to account for purchase of a loan or group of loans.
Measure loans subject to prepayment.
Describe how loan origination fees and related costs are reported on the income statement and balance sheet.
Chapter 9
GOVERNMENT CONTRACTS
Upon completion of this chapter, you will be able to
Outline issues in accounting for cost plus fixed fee contracts
Determine when to recognize profits on such contractsDiscuss the accounting problems arising under cost-plus-fixed-fee (CPFF) contracts.
Renegotiate government contracts.
Outline government contract disclosures.
Explain terminated war and defense contracts.
Detail termination claims disclosure requirements.
Chapter 10
HEALTH CARE IN DUSTRY
Upon completion of this chapter, you will be able to
List the required financial statements of the health care industry.
Outline how to account for contributions made to not-for-profit health care entities.
Chapter 11
INSURANCE INDUSTRY
Upon completion of this chapter, you will be able to
Classify insurance contracts.
Explain how to recognize premium revenue for short-duration and long-duration.
Explain the accounting for recognition of claim costs.
Outline the accounting procedure for catastrophe losses of property and liability insurance enterprises.
Differentiate between contracts where significant insurance risk is assumed versus contracts without such risk.
Describe how to account for acquisition costs.
Outline accounting for investments of an insurance entity.
Explain the disclosure requirements in the financial statements.
Chapter 12
INVESTMENT INDUSTRY
Upon completion of this chapter, you will be able to
Explain how to report investment securities at fair value.
Outline Internal Revenue Code regulations relating to investment companies.
List the conditions under which from the statement of cash flows is exempt.
Chapter 13
MORTGAGE BANKING INDUSTRY
Upon completion of this chapter, you will be able to
Outline activities of mortgage banking industry.
Apply the lower of cost or market rule to mortgage loans.
Differentiate between mortgage loans held for sale versus mortgage loans held as long-term investment.
Chapter 14
MOTION PICTURE INDUSTRY
Upon completion of this chapter, you will be able to
Explain the five conditions that must be met before recognizing revenue from the sale or licensing arrangement of a film
Account for the costs of producing a film, including participation costs, exploitation costs, and manufacturing costs
Chapter 15
NOT-FOR-PROFIT ORGANIZATIONS
Upon completion of this chapter, you will be able to
Describe the types of and components of financial statements mandated by GAAP
Distinguish non-for-profit organizations from other entities.
Prepare financial statements for not-for-profit organizations.
Explain how financial accounting and reporting for private not-for-profit organizations differs from that of state and local governments.
Chapter 16
OIL- AND GAS-PRODUCING ACTIVITIES
Upon completion of this chapter, you will be able to
List types of assets utilized in oil and gas producing activities.
Account for acquisition costs of properties.
Account for exploration and related costs.
Discuss amortization, depreciation and depletion rules associated with oil and gas production activities.
Account for income taxes in the oil and gas industry.
Capitalize interest cost under the full cost method.
Summarize disclosure requirements.
Chapter 17
RECORD AND MUSIC INDUSTRY
Upon completion of this chapter, you will be able to
Describe accounting by the licensor and licensee.
Explain the requirements that should be satisfied in order to recognize revenue.
Account for royalty payments to artists.
Determine the costs of recording the master.
Chapter 18
REAL ESTATE TRANSACTIONS
Upon completion of this chapter, you will be able to
Describe profit recognition for sale of real estate by the full accrual and other methods
Distinguish between retail land sales and other sales of real estate.
Account for retail land salesUse of the full accrual method, percentage of completion method, installment method, deposit method, and disclosure requirements.
Chapter 19
PENSION FUNDS
Upon completion of this chapter, you will be able to
Outline the most important goal of the financial statements of a pension plan Fund accounting.
Discuss accounting and reporting by defined benefit pension plans.
Chapter 20
REGULATED OPERATIONS
Upon completion of this chapter, you will be able to
Discuss accounting related to public utilities.
Account for abandonments and phase-in plans.
Chapter 21
SECURITIES AND COMMODITIES BROKER-DEALERS
Upon completion of this chapter, you will be able to
Address transactions in options, futures, and commodities.
Chapter 22
TITLE PLANTS
Upon completion of this chapter, you will be able to
Account for costs relating to the construction and operation of title plants.
Chapter 23
VOLUNTARY HEALTH AND WELFARE ORGANIZATIONS
Upon completion of this chapter, you will be able to
Discuss the auditing of and reporting on the financial statements of governmental volun¬tary health and welfare organizations (VHWO).
Explain how to account for revenues and costs in a VHWO.
State the requirements an organization must to meet to be classified as a VHWO.
Describe the typical funds used to account for VHWO transactions.
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