Accounting for Receipt of Government Grants – What CPAs Need to Know ON DEMAND
Available Until
Your Desk
2.0 Credits
Member Price $58.00
Non-Member Price $67.00
Overview
This course covers the accounting and financial reporting rules for government grants under U.S. GAAP. This course establishes what qualifies as a grant and the difference between asset related and income related assistance. You’ll learn about the criteria needed for a grant to be recognized on balance sheets and income statements. The course reviews required financial disclosures, including the nature of the grant and any potential repayment obligations. By the end, you will be able to apply government grant accounting rules under U.S. GAAP to your financial statements.
Highlights
Reporting rules for government grants. Required disclosures for grants.
Prerequisites
None.
Designed For
CPAs, CEOs, CFOs, controllers and other financial managers.
Objectives
Identify what qualifies as a government grant under U.S. GAAP. Distinguish between grants related to assets and grants related to income. Recognize the criteria for when a government grant can be recorded in the financial statements. Determine the appropriate methods for presenting grants on the balance sheet and income statement. Recall the required disclosures for government grants, including repayment obligations and key terms.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Kelen Camehl, Western CPE
Kelen is a recognized author and reviewer of CPE courses and has authored over 85 courses (225+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. His courses are available for purchase from many online CPE providers including the AICPA. Kelen has also remained involved in CPA exam content development for nearly 10 years and has authored more than a thousand multiple choice questions for various sections of the CPA exam. He also serves as an Editorial Advisor for the AICPA’s “Journal of Accountancy”.
Kelen has over 15 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Consultant with HP, Inc. in Dallas, TX. Most recently he was located in Budapest, Hungary on a three-year international assignment and served in the company’s Houston, TX location prior to this assignment. Prior to HP, he served in multiple accounting roles in the oil & gas industry with ConocoPhillips including technical accounting policy, SOX compliance, and internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors.
Non-Member Price $67.00
Member Price $58.00