Topics Covered: Common issues seen in financial statements and footnotes; U.S. GAAP update; Application of Private Company Council standards and their outsized impact on the industry; Lease accounting - preparing for the new standard; Audit and review considerations in the dealership environment; Why U.S. GAAP matters to the industry - even when financial statements are not published. Upon completing this course, you should be able to: Discuss the preparation of financial statements which are tailored to retail dealerships Identify key accounting issues facing the automotive industry; Describe key areas of new lease standard that relate to dealerships; Identify audit risk areas and important review areas when working with dealerships; Recognize why GAAP matters with respects to a dealership; Identify a subset of the financial statement disclosure requirements with respect to accounts receivables; Differentiate ASUs relating to revenue recognition and is effective for annual reporting periods beginning after December 15, 2018 for non-public entities Identify a characteristic of a finance lease; Identify the effective date for the new lease accounting standard for a calendar year non-public entity; Differentiate areas a dealership consider issues such as positive pay and ACHs; Identify the documented methodology utilized by a company to record key accounting transactions; Recognize a typical accounting policy; Recognize the private company alternative election with respect to amortization relating to financial statement line items; Describe which information on lease commitments and legal issues are included within financial statement disclosures; Identify a financial statement risk for dealerships; Recognize an area where there is a private company accounting alternative; Identify the first step in the new revenue recognition process as prescribed by ASU No. 2014-09; Describe when public business entities who are calendar year filers are required to adopt the new lease accounting standards; Differentiate cash management accounts and investments required to be accounted for in accordance under FASB ASC topics.