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Event Description

Often considered relatively low-risk assets, accounting for long-term assets such as property, plant and equipment (PP&E), intangible assets and goodwill can pose significant accounting challenges in their initial measurement and subsequent valuation. Also, the new accounting guidance for revenue recognition and leases will create other classes of long-term assets which will result in additional accounting challenges. In this course, we’ll discuss the basic accounting model for various types of long-term assets, such as PP&E, intangibles and right of use assets. Next, we’ll discuss the complex accounting around asset impairment and other valuation issues and lastly discuss the impact of recent ASC Updates, such as ASU No. 2017-04 on goodwill impairment and ASU No. 2017-01 on business combinations. As there is often more than meets the eye when it comes to long-term assets, this course will refresh your knowledge on this surprisingly complex area of accounting.

Designed For

Accounting and auditing practitioners at all levels desiring to understand challenging issues in long-term asset accounting

Objectives

  • Recall the basic accounting models for PP&E, intangible assets and asset impairment
  • Recall the accounting guidance for complex transactions involving long-term assets
  • Explain recent changes to the ASC with regard to accounting for long-term assets

Major Subjects

  • Accounting for transactions involving long-term assets
  • Recognition and measurement of goodwill
  • The various impairment models for goodwill and other long-term assets
  • Recent changes in accounting standards impacting long-term assets

Prerequisites

None

Instructions

None