Accounting & Auditing Update: A Complete Review of Key New Pronouncements Self-Study Webinar (11 Hours)


Are you looking for a comprehensive update on the most recent changes to US financial reporting? This self-study webinar will bring you up to date on the latest FASB pronouncements and will explain how to:

  • Apply the latest rules to your company’s financial statements
  • Implement recent FASB updates
  • Anticipate future developments
  • Identify COVID-19 issues

To update 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. You’ll also gain an understanding of how the FASB’s convergence projects with the IASB impact new guidance. This webinar will also provide a review of the latest SASs.

  • Revenue recognition: recent interpretations and adopting the New Standard
  • FASB Exposure Drafts, projects and proposals
  • Status of international convergence and current joint FASB/IASB projects
  • FASB shifts in focus
  • Private company reporting: the latest from FASB and the PCC
  • Leases—adopting the New Standard
  • Financial instruments, hedging and derivatives, credit losses, and extinguishment of debt
  • Financial statement presentation, including cash flows and comprehensive income
  • Pensions, postretirement and employee benefit plans, and share-based payments
  • Business combinations and consolidations, including:
    – Push down accounting
    – Clarifying the definition of a business
    – Interests by related parties under common control
    – Equity method
  • Changes to impairment of goodwill and intangible assets with indefinite lives
  • FASB Simplification Initiative—update
  • Accounting for Not-for-Profits—update
  • Updates on auditing, compilations and reviews, independence and ethics
  • Impact of tax reform (Tax Cuts and Jobs Act of 2017)
  • The impact of COVID-19

Recognize the characteristics of the FASB’s simplification initiative

Recognize the characteristics of the FASB’s codification improvements

Identify the status of specified FASB projects

Recognize accounting authoritative bodies’ specified responses to the COVID-19 pandemic

Identify common non-GAAP measures

Identify SEC prohibitions against the use of non-GAAP measures

Recognize recent audit recommendations from the Center for Audit Quality

Identify the treatment of purchased callable debt securities held at a premium under ASU 2017-08

Recognize the changes to the simplification of the classification of debt in a classified balance sheet, including related mandatory disclosures

Recognize the clarifications made to operating services under ASU 2017-10

Recognize the role of the Comptroller of the Currency’s Banking Circular 202, Accounting for Net Deferred Taxes under ASU 2018-06

Identify certain changes to the federal income taxation of corporations under the Tax Cuts and Jobs Act of 2017 (TCJA)

Identify the SEC guidance regarding accounting for the income tax effects of the TCJA

Recognize the simplifications to accounting for goodwill under ASU 2017-04

Recognize the overall effect of the recent revenue recognition standard

Recognize the general effect on disclosures under the new revenue recognition standard

Identify the consequences when a contract with a customer falls partially within the scope of ASC 606

Identify the factors that indicate a good or service performance obligation is distinct from other performance obligations within the context of a contract

Recognize the factors indicating a principal versus an agent in revenue recognition

Identify the method in which a transaction price is allocated to the separate performance obligations in a contract

Identify the factors indicating that an entity should combine two or more contracts and account for them as a single contract

Recognize the factors indicating control of an asset where the performance obligation is satisfied at a point in time

Recognize those factors indicating a contribution is conditional under ASU 2018-08

Recognize the election available to NFPs regarding the amortization of goodwill under ASU 2019-06

Identify which cost component of net periodic pension cost is eligible for capitalization under ASU 2017-07

Recognize the challenges to managing pension costs today

Recognize methods used by plan administrators to reduce pension obligation risk

Recognize the changes to accounting for share-based payment award transactions under ASU 2016-09

Identify the characteristics of a lease contract

Identify the scenarios under which lease terms should be assessed

Identify the different classifications of leases by lessees

Identify how operating and financing lease payments are classified by a lessee in the statement of cash flows

Recognize the treatment of subleases on an entity’s balance sheet

Recognize the appropriate accounting for sale and leaseback transactions

Recognize the treatment of leases by an acquirer in a business combination

Identify the effective dates of SASs 134-140 as delayed by the Auditing Standards Board in reaction to the COVID-19 pandemic




No advance preparation required.

Level of Knowledge: 


CPE Credit: 
NASBA Field of Study: