FASB Projects Update Self-Study Webinar
Overview
This self-study webinar offers a current snapshot of the FASB’s structure, agenda, and standard-setting priorities. Participants will gain insight into recently issued standards and projects that may significantly affect future financial reporting. You’ll learn how to:
- Monitor and interpret standard-setting activity
- Assess potential impacts on financial statements and disclosures
- Prepare for upcoming implementation challenges
Objective
To help CPAs and other finance professionals stay informed about FASB developments and understand how new and proposed standards may influence financial reporting and compliance responsibilities.
DETAILED LEARNING OBJECTIVES
• Understand the factors influencing the application of induced conversion guidance under ASU 2024-04, including the role of fair value in determining convertible debt terms
• Explain the new disclosure requirements under ASU 2023-07, including the inclusion of significant expense categories used to manage operations
• Describe the requirements under ASU 2023-09 for disaggregated annual disclosure of income taxes paid by jurisdiction
• Understand the measurement and disclosure requirements for crypto assets under ASU 2023-08, including fair value recognition
• Identify the primary objectives of the PCAOB’s AS 1000, including enhancing clarity, usability, and the role of auditor skepticism in conducting audits
• Learn the expanded obligations under PCAOB's NOCLAR requirements, emphasizing the auditor's role in identifying and assessing risks of material misstatements due to noncompliance
• Identify the requirements for measuring assets and liabilities of joint ventures at fair value on formation under ASU 2023-05
• Summarize the objectives of updated standards, including improved transparency and alignment with user needs for various reporting topics
• Understand the significant provisions of PCAOB’s AS 2310, including the new requirements for confirming cash held by third parties and the emphasis on obtaining reliable audit evidence
Emphasis
- An overview of the FASB
– How it’s structured
– The standard setting agenda - The FASB agenda
– An overview of recent invitations to comment (ITCs)
– A snapshot of active projects on the technical agenda - Recently issued ASUs on:
– Derivative scope refinements
– Accounting for and disclosure of software costs
– Share-based consideration
– How to determine the acquirer
– Induced conversions
– Disaggregation of Income Statement Expenses (DISE)
– When to apply profits interests awards
– Income tax disclosures
– Crypto assets
– Segment reporting
– Joint venture formations
Speakers
Noah Antonneau, Audit and Assurance Manager, Deloitte
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