FASB Hot Topics Self-Study Webinar

To provide accountants with a thorough treatment of the most important issues currently on FASB’s plate. You’ll gain a solid understanding of topics receiving significant attention, including leases, stock-based and other employee compensation plans, and business combinations and consolidations.

DETAILED LEARNING OBJECTIVES

• Identify the primary responsibilities and authority of the FASB and related standard-setting bodies

• Recognize the purpose and functions of the Private Company Council (PCC)

• Describe the key provisions and implementation timelines of recent FASB Accounting Standards Updates including ASUs 2023-05, 2023-07, 2023-08, 2023-09, 2024-01, 2024-03, and 2024-04

• Understand the accounting and disclosure requirements related to crypto assets under ASU 2023-08

• Recall the definition and disclosure expectations for non-GAAP measures under Regulation G and Regulation S-K

• Identify the required components and common pitfalls of presenting non-GAAP financial measures

• Explain the use and disclosure of key performance indicators (KPIs) in financial reporting

• Describe the role and ethical considerations of AI in financial reporting, including its application in fraud detection, forecasting, and data processing

• Recognize the accounting treatment and impairment testing steps for goodwill and other long-lived assets under ASC 350 and ASC 360

• Distinguish between business combinations and asset acquisitions and apply screen test principles under ASC 805

• Understand how to determine the accounting acquirer and calculate goodwill in business combinations

• Classify cash flows properly in the statement of cash flows under ASC 230, including treatment of crypto transactions and revolving credit facilities

• Identify current FASB projects and areas of stakeholder feedback, including proposed changes to the statement of cash flows

• Describe the purpose and criteria of the screen test used in evaluating business combinations under ASC 805

• Identify excluded items from the measurement of gross assets acquired in business combinations

• Evaluate the presence of a substantive process in asset acquisitions by considering key operational elements

• Calculate goodwill in a business combination using consideration transferred and net identifiable assets

• Determine the effective dates and scope of recent ASUs related to income tax disclosures, induced conversions, and share-based payments to customers

• Distinguish between qualitative and quantitative assessments for impairment of indefinite-lived intangible assets

• Recognize when to test long-lived assets for recoverability under ASC 360-10 and identify triggering events

• Explain the two-step impairment test for goodwill and factors that affect market capitalization versus fair value

• Understand private company accounting alternatives for amortizing goodwill and simplifying impairment testing

• Describe the guidance in ASU 2025-03 regarding identifying the accounting acquirer in VIE transactions

• Identify the conditions under which borrowings and repayments can be presented on a net basis in the cash flow statement

• Explain the proper classification of cash received from crypto asset transactions in the statement of cash flows

• Assess when to report noncash investing activities and hybrid purchases of inventory and long-lived assets

• Recognize the SEC's expectations for disaggregation and transparency in segment reporting disclosures

• Describe the FASB's outreach efforts and stakeholder feedback process related to potential changes in cash flow presentation

• Business combinations (ASC 805)
  – Consolidations
  – Clarifying the definition of a business
  – Push down accounting
  – Fair value and FAS 141R
  – Variable interest entities and control (ASC 810)
  – Interests by related parties under common control
  – Intangibles, goodwill and impairment testing, including special treatment for nonpublic entities
  – Equity method, including recent FASB changes
• Share-based payment plans and other employee benefit plans
  – Overview and objectives
  – Valuation methodologies
  – Tax implications
  – Disclosure requirements
• Lease accounting—summary and adoption of new guidance
  – Comparison of old and new standards
  – Lessee vs. lessor treatments
• FASB Simplification Initiative
• The impact of COVID-19