Overview:
Financial statement disclosures must now be in accordance with FASB’s Accounting Standards CodificationTM (ASC). Are you as familiar with the Codification as you need to be? This targeted seminar will bring you up to speed and allow you to:
- Understand the purpose, meaning and structure of the Codification
- Prepare for implementation issues that attend its use
- Anticipate the impact of the Codification on your company's existing documentation
Objective:
To provide financial professionals with a detailed understanding of the Codification, the changes it makes to US GAAP and the challenges that it poses for preparers and auditors of financial statements. You will learn how to reference the Codification in your company's disclosures and how to use its cross-referencing tool.
Emphasis:
- What is the Codification?
- FASB's rationale and goals for the ASC
- Accessing the Codification's searchable database
- The implementation timeline and what it means for you
- Referencing the Codification in the financial statements
- Components of content: authoritative vs. nonauthoritative GAAP
- Literature included in, and excluded from, the Codification
- ASC structure (areas, topics, subtopics, sections and subsections)
- How the ASC incorporates SEC guidance
- An in-depth look at the cross-referencing tool
- The standard setting process going forward
- Implications for nonpublic entities
- The role of XBRL in the Codification
