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Often considered relatively low-risk assets, accounting for long-term assets such as property, plant and equipment (PP&E), intangible assets and goodwill can pose significant accounting challenges in their initial measurement and subsequent valuation. Also, the new accounting guidance for revenue recognition and leases will create other classes of long-term assets which will result in additional accounting challenges. In this four-hour afternoon course, we’ll discuss the basic accounting model for various types of long-term assets, such as PP&E, intangibles and right of use assets. Next, we’ll discuss the complex accounting around asset impairment and other valuation issues and lastly discuss the impact of recent ASC Updates, such as ASU No. 2017-04 on goodwill impairment and ASU No. 2017-01 on business combinations. As there is often more than meets the eye when it comes to long-term assets, this course will refresh your knowledge on this surprisingly complex area of accounting.

Objectives

  • Recall the basic accounting models for PP&E, intangible assets and asset impairment
  • Recall the accounting guidance for complex transactions involving long-term assets
  • Explain recent changes to the ASC with regard to accounting for long-term assets

Highlights

  • Accounting for transactions involving long-term assets
  • Recognition and measurement of goodwill
  • The various impairment models for goodwill and other long-term assets
  • Recent changes in accounting standards impacting long-term assets

Who Will Benefit

Accounting and auditing practitioners at all levels desiring to understand challenging issues in long-term asset accounting

Credits

Category Amount
Accounting 4.00

Leaders

  • Marty Van Wagoner

    Marty D. Van Wagoner is a partner in the firm of Child, Van Wagoner & Bradshaw, PLLC (CVB). He has been with CVB and its predecessors for over ten years, with an emphasis in audits of SEC and international clients. He has over twenty years' experience in auditing, accounting, and business advisory services. Van Wagoner spent four years as a professor of accounting, information systems, and MBA courses at the University of Utah. Before CVB, he worked two years for professional placement organizations, recruiting, and placing accounting professionals. Prior to that, he worked ten years as an auditor in the Salt Lake City office of KPMG, serving primarily in the firm's manufacturing, retail, and distribution (MRD) practice, with additional specialty in not-for-profit organizations. He has also served as President of the Utah Association of Certified Public Accountants (UACPA). He has been teaching CPE courses for the last nine years. Van Wagoner received his BA in Accounting with a Spanish minor and his MBA from the University of Utah.

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