This course provides an overview of the disclosure requirements regarding risks and uncertainties. The disclosure requirements related to risks and uncertainties are prescribed by the Financial Accounting Standards Board (FASB) in ASC Topic 275. For public business entities that file their annual and interim reports with the U.S. Securities & Exchange Commission (SEC), there are also additional disclosure requirements required by Regulation S-K. This course focuses on general disclosure requirements outlined in U.S. GAAP. This course also provides illustrative examples from both the GAAP implementation guidance as well as actual SEC filings from public business entities.
Learning Objectives
Upon completion of this course, you will be able to:
• Identify the scope of transactions included within ASC Topic 275
• Recognize when disclosure is required related to accounting estimates
• Differentiate between concentration areas and whether or not disclosure is required
Major Topics
Lease Definition
Is There an Identified Asset?
Consideration of Substitution Rights
Right to Substantially All of the Economic Benefits
Right to Control Use of the Asset
Decision-Making Rights
Final Determination
Short-Term Lease Exception
Determining Whether a Contract Contains a Lease
