Self-Study
13
Overview
Accounting
There are no prerequisites.

Course Description

A company that wants to be a publicly held entity will find that the accounting, reporting, and fundraising rules are substantially different than in the private sector. Additional accounting standards are applied to publicly held businesses, while the Securities and Exchange Commission (SEC) requires that highly detailed reports be filed with it on a rigid schedule. If an organization wishes to sell securities to investors, there are a number of requirements that must first be met.

Also, in a publicly held company, the accounting department will find itself buried with additional reporting requirements and controls, though senior management will have a clear opportunity to raise money through the public markets. In Public Company Accounting and Finance, we explore both of these aspects of a public company. The accountant must learn about earnings per share, segment reporting, and staff accounting bulletins, as well as quarterly and annual reporting to the SEC. Meanwhile, the treasurer can engage in an initial public offering, file registration statements, or sell shares under the Regulation A or Regulation D exemptions. This course covers all of these topics and more.



Instructor

Steven M. Bragg, CPA

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast.

Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with Deloitte & Touche. He holds an MBA from Babson College, a Master of Finance from Bentley College, and a BA from the University of Maine (summa cum laude).



Course Specifics

Accounting
Dec 27, 2016
There are no prerequisites.
SS1143406
252
None


Compliance Information

103220
Qualifies for CA Fraud: No


Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Identify the people and institutions that the SEC and the Division of Investment Management oversee
  • Specify areas of company disclosures closely monitored by SEC staff

Chapter 2

  • Cite the adjustments required to calculate basic earnings per share
  • Identify when certain items should be subtracted from diluted earnings per share and an item that could reduce diluted earnings per share

Chapter 3

  • Define a segment test what to do when segments do not make up a certain percentage of the business
  • State how to report segment information

Chapter 4

  • State assumptions of the integral view and those made by users of it
  • Identify effects of applying the discrete view of interim reporting

Chapter 5

  • State what happens if a stock option is never used
  • Identify an assumption of the lattice model
  • Cite when an employee share purchase plan is not compensation

Chapter 6

  • Specify where the intrinsic value concept originates from
  • List the purpose of an own-share arrangement
  • Identify SEC guidance on parent entities incurring subsidiary expenses

Chapter 7

  • Cite proper procedures regarding a registration statement when historical financial statements may be misleading
  • Specify how to account for an investment bankers payment for providing services related to acquisition and issuance of debt
  • List deadlines related to the filing of form 10-K

Chapter 8

  • Locate the description of a company's customer dependence on Form 10-K
  • Cite SEC guidance on disclosing risks
  • Identify when a change in independent accountant must be disclosed

Chapter 9

  • List the required timing for the filing of a Form 8-K and the contents of the various disclosures
  • Cite disclosure requirements when a company is liable under an off-balance-sheet arrangement

Chapter 10

  • List filing responsibilities for Forms 3, 4, and 5
  • Define the purpose of the SEC's central index key
  • State limitations of a short-swing profit lawsuit

Chapter 11

  • Identify rules for disclosure of non-GAAP information

Chapter 12

  • Cite guarantors of the Fedwire system and name the code associated with Fedwire payments

Chapter 13

  • Cite a restriction placed on a company engaged in an initial public offering
  • Name the organization that public company auditors must register with
  • Identify the purpose of the blue sky concept

Chapter 14

  • Define a shell company
  • Identify deadlines for filing a reverse merger and some disadvantages of such a merger

Chapter 15

  • Cite the advantages of the Form S-3 registration
  • List situations where and companies for whom a Form S-8 registration can be used

Chapter 16

  • Determine the circumstances under which the Regulation A exemption can be used and necessary requirements for filing
  • Specify the purpose of Form 2-A

Chapter 17

  • List the characteristics of a questionnaire for a Regulation D securities sale
  • Define piggyback rights
  • Cite deadlines for filing Form D with the SEC

Chapter 18

  • Define an emerging growth company
  • Specify when stock sales may be advertised under the JOBS Act
  • Cite a service that can be provided by a funding portal

Chapter 19

  • Identify the requirements under which an investor is allowed to sell shares under Rule 144
  • Specify who must remove a stock certificate restriction

Chapter 20

  • State requirements for using Rule 10b5-1
  • Identify how an employee maximizes his or her protection under 10b5-1

Chapter 21

  • Identify effects of third-party preparation of Form 10-Q
  • Specify when board majority is necessary to approve a form
  • List steps in the EDGARizing process

Chapter 22

  • Define preventative controls
  • Cite the purpose of specific controls
  • State when it is helpful to perform an analytical review
  • List a control for Form 8-K reporting



Table of Contents

Chapter 1 – The Controller Job Description

Learning Objectives

Introduction

The Controller Job Description

The Chief Financial Officer Job Description

The New Controller Checklist

Summary

Chapter 1 Review Questions

Chapter 2 – Payroll Management

Learning Objectives

Introduction

Controller Responsibilities

Payroll Cycle Duration

Streamlined Timekeeping

Timekeeping Systems

Computerized Time Clocks

Internet-Based Time Tracking

Electronic Payments

Payments by Direct Deposit

Payments by Pay Card

Employee Self-Service

Manager Self-Service

Transaction Error Analysis

Staff Training Program

The Payroll Calendar

Information Confidentiality

Accounting for Payroll

Primary Payroll Journal Entry

Accrued Wages

Accrued Bonuses

Accrued Commissions

Manual Paycheck Entry

Employee Advances

Accrued Vacation Pay

Payroll Controls

General Controls

Payroll Calculation Controls

Check Payment Controls

Direct Deposit Controls

Self-Service Controls

Garnishment Controls

Employee Advances Controls

Summary

Chapter 2 Review Questions

Chapter 3 – Department Management

Learning Objectives

Introduction

Controller Responsibilities

Schedule of Activities

Error Tracking System

Process Reviews

Queue Management

Department Layout

Skills Review and Training

Consolidate Accounting

Summary

Chapter 3 Review Questions

Chapter 4 – Budgeting

Learning Objectives

Introduction

Controller Responsibilities

The System of Budgets

The Reasons for Budget Iterations

Overview of the Revenue Budget

The Ending Finished Goods Inventory Budget

The Production Budget

Production Budgeting for Multiple Products

The Direct Materials Budget (Roll up Method)

The Direct Materials Budget (Historical Method)

The Direct Labor Budget

The Manufacturing Overhead Budget

The Sales and Marketing Budget

Diminishing Returns Analysis

The Research and Development Budget

The Administration Budget

The Compensation Budget

The Budgeted Income Statement

The Budgeted Balance Sheet

Accounts Receivable

Inventory

Fixed Assets

Accounts Payable

Additional Estimation Elements

The Cash Line Item

The Financing Budget

The Compiled Balance Sheet

Summary

Chapter 4 Review Questions

Chapter 5 – Capital Budgeting

Learning Objectives

Introduction

Controller Responsibilities

Overview of Capital Budgeting

Bottleneck Analysis

Net Present Value Analysis

The Payback Method

Capital Budget Proposal Analysis

The Outsourcing Decision

The Capital Budgeting Application Form

The Post Installation Review

The Lease versus Buy Decision

Summary

Chapter 5 Review Questions

Chapter 6 – Computer System Selection and Installation

Learning Objectives

Introduction

Controller Responsibilities

Computer System Selection

Requirements Development

The Request for Proposals

Bidders Conference

Proposal Evaluation

Demonstrations and Reference Checks

Computer System Installation

Summary

Chapter 6 – Review Questions

Review Question Answers and Rationales

Glossary

Index

Final Examination

Answer Sheet

Course Evaluation

 



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