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

Overview: 

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 answer all of your questions about:

  • Applying the latest rules to your company’s financial statements
  • Implementing recent FASB updates
  • Anticipating future developments
  • Lease accounting
  • SPACs
  • Auditing updates
  • Identifying COVID-19 issues
Objective: 

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, and get an overview of the latest SASs and other current auditing issues.

Emphasis: 
  • Overview of all FASB pronouncements with effective dates in 2021 and later
  • FASB Exposure Drafts, projects and proposals
  • Status of projects
  • Private company reporting: the latest from FASB and the PCC
  • Leases—adopting the New Standard
  • Financial instruments, hedging and derivatives, credit losses, rate reform, and extinguishment of debt
  • Pensions, postretirement and employee benefit plans, and share-based payments
  • Business combinations and consolidations, including:
    – Clarifying the definition of a business
    – Interests by related parties under common control
    – Equity method
  • The latest on goodwill and special treatments for nonpublic entities
  • Changes to impairment of goodwill and intangible assets with indefinite lives
  • Accounting for Not-for-Profits—update
  • An overview of SPACs transactions
  • The impact of COVID-19

 

Recognize the effective date of the most recent ASUs promulgated by the FASB

Identify the entities for which ASU 2021-03, Intangibles-Goodwill and Other (Topic 350), Accounting Alternative for Evaluating Goodwill Triggering Events, is available

Recognize the lessor issue addressed by ASU 2021-05, Leases (Topic 842), Lessors-Certain Leases with Variable Lease Payments

Recognize the change in effective dates announced within ASU 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities

Identify the new disclosure mandates within ASU 2020-07, Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets

Identify the codification improvements found within various recent ASUs

Recognize the financial instruments within the scope of ASU 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief

Recognize the relief provided for accounting for goodwill impairment under ASU 2019-06, Extending the Private Company Accounting Alternative on Goodwill and Certain Identifiable Intangible Assets to Not-for Profit Entities

Recognize the primary amendments found in ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

Identify the primary amendments found in ASU 2018-11, Leases (Topic 842): Targeted Improvements

Recognize the accounting treatment for implementation costs related to a hosting arrangement, as promulgated in ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract

Identify the primary amendments found within ASU 2016-13, Financial Instruments–Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

Identify SEC guidance regarding non-GAAP measures

Recognize SEC prohibitions regarding non-GAAP measures

Recognize the options for the practical expedients of Topic ASC 842

Identify the characteristics of a financing lease

Identify the financial statement treatment of financing lease payments

Identify the accounting treatment of a lease modification that does not result in a separate new lease

Recognize the appropriate discount rates to be used by lessees in establishing their ROU assets and lease liabilities

Recognize the initial direct costs to be included in the ROU asset recognized by the lessee

Identify the appropriate residual value guarantee to be included in the lessee’s lease liability

Recognize the primary characteristics of a SPAC

Identify SEC concerns with SPACs

Identify recent PCAOB audit firm inspection deficiency trends

Identify the AU-C Sections superseded by SAS 137, The Auditor’s Responsibilities Relating to Other Information Included in Annual Reports

Recognize the primary updates found within SAS 142, Audit Evidence
 

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Price: 
$199.00
Prerequisite: 

None.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Overview.

CPE Credit: 
11.00
NASBA Field of Study: 
Accounting