Accounting Update: A Complete Review of Key New Pronouncements Self-Study Webinar

To update CPAs and other financial professionals on the latest developments in financial reporting from the FASB. You’ll learn how to apply all the most recent pronouncements effectively and efficiently, and get an overview of the latest SASs and other current auditing issues.

DETAILED LEARNING OBJECTIVES

• Identify which ASUs became effective in different years and their implications for public and private entities

• Determine the proper accounting treatment for joint venture formations under ASU 2023-05

• Understand how discount rates impact fair value assessments in impairment testing

• Identify how many new impairment-related standards were issued in 2024

• Understand which entities can use the practical expedient for common control lease arrangements and its effective date

• Recognize new requirements regarding income tax reconciliation tables and tax payment disclosures

• Understand the allocation of proceeds for convertible debt instruments with detachable warrants and the impact of ASU 2020-06 on separation models

• Recognize how companies should recognize and disclose their obligations related to holding crypto-assets for platform users

• Identify  the proper treatment of excess consideration in convertible debt conversions under GAAP

• Identify the objective of the FASB’s proposed ASU on environmental credits

• Distinguish between various types of profit-sharing arrangements, including profits interest under ASU 2024-01

• Understand how ASU 2023-07 enhances transparency in segment expense disclosures

• Determine how newly formed joint ventures should measure contributed assets

• Identify the new practical expedient allowing written lease terms in common control lease arrangements

• Understand the implications of ASU 2024-03 in requiring detailed breakdowns of income statement expenses

• Identify the percentage of total tax payments that trigger additional disclosure under ASU 2023-09

• Accounting Standards
  – ASUs Effective in 2021 & Beyond
     – Topic 350:Goodwill
     – Topic 842: Leases
     – Topic 326: Current Expected Credit Losses
     – Topic 815: Reference Rate Reform—LIBOR Transition
     – Topic 321: Investments
     – Topic 260: Equity Transactions
     – Subtopic 470-20: Convertible Instruments & Debt
     – Topic 805: Business Combinations & Collaborative Agreements
     – Topic 832: Government Assistance
     – Topic 740: Accounting for Income Taxes
     – Topic 815: Hedge Accounting
     – Topic 944: Insurance Contracts
     – Subtopic 715-20: Benefits Plans
     – Topic 810: Variable Interest Entities
     – Codification Improvements
     – Topic 470: SEC Items
     – Topic 606: Non-Public Company Issues
     – Subtopic 350-40: Cloud Computing
     – Subtopic 926-20: Movie & TV Issues
     – Topic 805: Not-for-Profit Entities
• Proposed Accounting Standards Update
  – Interim reporting
  – FV measurement of equity securities
  – Supplier finance programs
  – Deferral of sunset date
• Proposed ASUs Cancelled
  – Simplifying the classification of debt
• FASB Projects
• Non-GAAP Measures
  – IPOs
  – SEC comments and prohibitions
  – Center for Audit Quality (CAQ) guidance
  – SEC Chief Accountant comments
• Climate Change Accounting & Disclosure Proposals
  – Creation of the ISSB
  – SEC’s proposed climate rule
• Leases
  – Lease Capitalization Process
• Special Purpose Acquisition Companies (SPACs)
• Auditing Update
  – Statements on auditing standards
  – Auditor lease issues