Implementation of the "Presentation of Financial Statements (Topic 205): The Liquidation Basis of Accounting" standards was a two-phase project. Participant should gain a practical familiarity with key changes due to the issuance of the accounting standards update, compare the ASU to IFRS and U.S. GAAP, and learn how liquidation is defined and when it's considered "imminent." In addition, participants will explore the FASB's approach to going concern issues. After completing this session you will be able to:
- Identify the project history leading to the issuance of the ASU related to the liquidation basis of accounting and going concern;
- Identify the requirements of ASU 2013-07 regarding liquidation;
- Apply accounting treatment under ASU 2013-07; and
- Identify the requirements of ASU 2014-15 regarding whether an entity will be considered a going concern.
Tim Gearty is the National Director and Editor-in-Chief for the world’s largest CPA training program, Becker CPA Review. In addition to his editorial leadership, Tim is also Becker's National Lead Instructor, whose taped lectures are seen in over 325 locations throughout the world. Tim is a nationally recognized expert and speaker on a variety of accounting and tax topics, and has appeared as keynote speaker for several Fortune 100 companies as well as many national associations. He has frequently been called upon over the past twenty years to present accounting and tax topics to large groups, organizations, and corporations, accounting firms and in legal proceedings. Tim is a partner in Gearty & McIntyre, LLP, CPA, a firm which has developed a reputation as a specialist in business advisory services, litigation support and forensic accounting. He is a member of the American Institute of Certified Public Accountants and the New Jersey Society of Public Accountants as well as a trustee of that organization. He holds a BS in Accounting from Fairleigh Dickinson University, and both a MBA in Finance and Law Degree (JD) from Seton Hall University. Tim is a member of the New Jersey and American Bar Associations.
Becker Professional Education Sponsor I.D. Numbers NASBA: 107294, New York: 002087, New Jersey: 20CE00226700, Texas: 009580, Ohio: CPE.186, Illinois 158.002405, Pennsylvania: PX177823