This course discusses the accounting, reporting, and disclosures associated with both current and long-term liabilities on the balance sheet. A liability is a legal debt or obligation that arises during the course of business operations. A current liability, such as accounts payable, is payable within one year. A long-term liability, such as bonds payable, long-term loan, and capital lease, is an obligation that is not due within one year of the date of the balance sheet. This course includes items covered in ASC 210-10-45-5 through 45-12, Balance Sheet: Overall and 470-10, Debt: Overall. Topics covered include loss contingencies, compensated absences, termination benefits, troubled debt restructuring, refinancing of current to noncurrent debt, callable obligations by creditors, issuance of bonds, calling debt, imputing interest on noninterest notes payable, environmental liabilities, and offsetting of liabilities.
Upon successful completion of this course, participants will be able to:
- Identify classification and characteristics of current and long-term liabilities, noting fair value measurements and options.
- Identify contingent liabilities, recognizing the appropriate rules to account for different types of contingencies.
- Recognize rules for the troubled debt, impairment of loans, and restructuring of debt.
- Recognize the accounting valuation for bonds at date of issuance.
- Identify the methods of bond discount and premium amortization.
- Recognize the accounting procedures for long-term notes payable.
Table of Contents
Chapter 1 – Current Liabilities and Contingencies
Fair Value Measurements
Fair Value Option for Financial Assets and Financial Liabilities
Electing the Fair Value Option
Statement of Cash Flows
Eligible Items at Effective Date
Available-for-Sale and Held-to-Maturity Securities
Estimated Liabilities and Contingencies
Risks and Uncertainties
Deferred Compensation Agreement
Accounting for Special Termination Benefits (Early Retirement)
Accounting by Creditors for Impairment of a Loan
Troubled Debt Restructuring
Impairment of Loans
Refinancing Short-Term Debt to Long-Term Debt
Callable Obligations by the Creditor
Inducement Offer to Convert Debt to Equity
Chapter 1 Review Questions
Chapter 2 – Long-Term Liabilities
Early Extinguishment of Debt
Extinguishment of Tax-Exempt Debt
Imputing Interest on Noninterest Notes Payable
Exit or Disposal Activities
Third-Party Credit Enhancement
Disclosure of Long-Term Obligations
Fair Value Option for Issued Debt Instruments
Offsetting Assets and Liabilities
Presentation of Long-Term Debt
Chapter 2 Review Questions
Chapter 1 Review Question Answers and Rationales
Chapter 2 Review Question Answers and Rationales
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