Certified US GAAP Professional

The Vskills U.S. GAAP Certification gives the core knowledge required to work with companies included in the U.S. capital markets. An insight into US GAAP can help the aspirant to understand the decisions adopted by other reporting frameworks such as IFRS. The Vskills Certified US GAAP Professional course provides an institution to US GAAP by considering its requirements and accounting treatments. The candidate will develop their global financial reporting volubility and set themselves apart.

Responsibilities of a Certified US GAAP Professional

Recognizing reporting obligations for financial statements provided using U.S. GAAP.
Identifying U.S. financial accounting theories.
Summon U.S. GAAP financial accounting and reporting necessities for particular transactions.
Understanding U.S. management accounting notions, etc.

Overview: Certified US GAAP Professional

The Generally Accepted Accounting Principles in the US (US GAAP) relate to the accounting rules used in the United States to present, organize, and report financial statements for a collection of entities that involve non-profit organizations, privately held and publicly traded companies, and governments. The Vskills Certified US GAAP Professional course is designed for professionals and graduates aspiring to shine in this area. It is also well satisfied for those who are previously working and would like to take certification for additional career progression. Becoming Vskills Certified US GAAP Professional can help candidates to differentiate in today’s competitive job market, expand their employment possibilities by showcasing their advanced skills, and succeed in higher earning potential.

Vskills being India’s largest certification provider gives candidates access to top exams as well as provides after exam benefits. This includes:

Become Government Certified Professional!
The Certification is valid for life.
Candidates will get lifelong e-learning access.
Access to free Practice Tests.
Candidates will get tagged as ‘Vskills Certified’ On Monsterindia.com and ‘Vskills Certified’ On Shine Shine.com.

Exam Details

Exam Duration: 60 minutes
Vskills Exam Code: VS-1555
Number of questions: 50
Maximum marks: 50
Passing marks: 25 (50%)
Exam Mode: Online
There is NO negative marking in this module.

Course Outline

Vskills Certified US GAAP Professional exam covers the following topics –

Financial Standards

What are Financial Standards
Why financial standards are needed
Objectives of Financial Reporting
Characteristics and Limitations of a Financial Report
IFRS
GAAP
US-GAAP

ASC 105 – GAAP History and Hierarchy

ASC 105 Objective
US GAAP History
GAAP Hierarchy
US GAAP Sources
US GAAP Assumptions
Generally Accepted Accounting Principles
Conceptual Framework
US GAAP Glossary

ASC 205 – Presentation of Financial Statements

Terminology
Materiality
Liquidation Basis of Accounting
Qualifications and Reports of Accountants
General Instructions as to Financial Statements
Rules of General Application
Interim Financial Statements
Discontinued Operations
Strategic Shift

ASC 210 – Balance Sheet

Current Assets
Non-Current Assets
Current Liabilities
Non-current Liabilities
Stockholders’ Equity
Offsetting

ASC 225 – Income Statement

Income Statement in Brief
Methods for Constructing the Income Statement
Operating Revenues and Expenses
Non-operating Revenues and Expenses
GAAP and the Income Statement
Noncash Items
Statements of Comprehensive Income
Unusual or Infrequent Items
Schedule to File
Income from Continuing Operations

ASC 230 – Statement of Cash flow

Cash Flow Brief
Cash Flow Classification
Noncash Investing and Financing Activities
Reporting

ASC 323 – Investments – Equity Method and Joint Ventures

Revenue and Asset Changes under the Equity Method of Accounting
Equity Method and GAAP
Initial Recognition and Measurement
Recognizing Investee Activity
Investor-level Adjustments
Presentation and Disclosure
ASC 323 Equity Method and JV Brief

ASC 326 – Financial Instruments – Credit Losses

ASC 326 Introduction
Assets Measured at Amortized Cost
Measurement of Expected Losses
Subsequent Measurement of Expected Credit Losses
Available-for-Sale Debt Securities

ASC 330 – Inventory

Inventory Basics
Inventory Valuation
Absorption Costing
Retail Inventory Method
LIFO System
Lower of cost or market (LCM)
Inventory under US-GAAP in Brief

ASC 360 – Property, Plant and Equipment

PP&E Basics
PPE under GAAP
Cost Capitalization
Asset Acquisitions
Depreciation and Amortization
Asset Disposal
Disclosures
Property, Plant and Equipment Brief

ASC 405 – Liabilities

Extinguishment of Liabilities
Derecognition
Prepaid Stored-Value Products

ASC 605 – Revenue Recognition

Important Definitions
Revenue Recognition Basics
Identifying the Contract
Performance Obligations
Transaction Price
Recognizing Revenue
Percentage of Completion Method
Completed Contract Method (CCM)
Installment Method
Cost Recovery Method
Revenue Recognition Model
Long Term Construction Contracts
Services Revenue Recognition
Revenue Recognition Brief

ASC 810 – Consolidation

Non-Controlling Interest
Consolidation Models
The Variable Interest Entity (VIE)
The Voting Interest Model
Partnerships
Research and Development Arrangements
Joint Venture

ASC 958 – Not-for-Profit Entities

Revenues
Expenses
Gains and Losses
Reclassifications

Preparation Guide for Certified US GAAP Professional

Candidates brewing for the Certified US GAAP Professional exam should recognize the importance of exam resources. During the exam preparation, it is important to get all the necessary exam study sources. This will provide the benefit to understand the concepts and meaning more precisely. In the preparation guide, we will review some of the most significant resources to help the candidate prepare well for the exam.

Certified US GAAP Professional preparatory guide

Exam Objectives

For every examination, the first task should be to get all the exam relevant details including the important contents and its topic. With complete exam objectives, the candidate’s exam preparation time is better spent because they already know what to study. For this exam, the topics include:

Financial Standards
ASC 105 – GAAP History and Hierarchy
ASC 205 – Presentation of Financial Statements
ASC 210 – Balance Sheet
ASC 225 – Income Statement
ASC 230 – Statement of Cash flow
ASC 323 – Investments – Equity Method and Joint Ventures
ASC 326 – Financial Instruments – Credit Losses
ASC 330 – Inventory
ASC 360 – Property, Plant, and Equipment
ASC 405 – Liabilities
ASC 605 – Revenue Recognition
ASC 810 – Consolidation
ASC 958 – Not-for-Profit Entities

Vskills Online Learning Material

Vskills provides candidates a way to prepare for the exam using the online learning material for existence. The online material for this is regularly updated. Moreover, e-learning is bundled with hard copy material which encourages candidates to enhance and update the learning curve for superior and better opportunities. The candidate can also download the sample chapter for the Certified US GAAP Professional exam.

Books for Reference

The next step in the preparatory guide should be books and study guides. The candidate needs to find those books which are enriched with information. Finding a good book may be a difficult task, but in order to gather knowledge and skills, the candidate has to find, read, and understand. We usually recommend the following:

Wiley GAAP 2020: Interpretation and Application of Generally Accepted Accounting Principles (Wiley Regulatory Reporting) by Joanne M. Flood
GAAP Guidebook: 2020 Edition by Steven M. Bragg

Practice Test

Practice tests are the one who ensures the candidate about their preparation for the exam. The practice test will help the candidates to acknowledge their weak areas so that they can work on them. There are many practice tests available on the internet nowadays, so the candidate can choose which they want. Try the practice test here!