Financial Accounting & Reporting Update for Corporate Accountants Self-Study Webinar (22 Hours)

Overview: 

New, more complex accounting issues and disclosures create challenges for today’s busy financial executives. In this problem-solving self-study webinar, you will:

  • Gain real-world knowledge of the latest rule changes from the SEC, FASB and more
  • Compare new and existing standards and determine how changes impact you
  • Get prepared for future changes
Objective: 

This self-study webinar reviews new financial accounting and reporting requirements from the FASB, IASB, AICPA, SEC and other rulemakers. It examines the rulemakers’ current activities and thinking. It also shows you the expected impact and what you need to do to stay compliant.

Emphasis: 
  • Recent FASB pronouncements and other works in process
    – New guidance on impairment testing: goodwill and intangibles
    – Business combinations, consolidations, clarifying the definition of a business, noncontrolling interests, related parties under common control, and push down accounting
    – Updates on fair value, OTTI, receivables, valuation and troubled debt restructurings
    – Financial instruments: update on derivatives, hedging, FX, credit losses, and extinguishment of debt
    – Leases—adopting the New Standard
    – Pension, defined benefit, defined contribution, and multi-employer plans update
    – Industry-specific projects and pronouncements
  • Variable Interest Entities (VIEs): review and update
  • Stock-based compensation: review and update
  • Status of international convergence and joint FASB/IASB projects
  • Private company reporting: FASB and the PCC (Private Company Council)
  • Financial statement presentation: reducing complexity, offsetting assets and liabilities, comprehensive income, cash flows, and disclosures
  • Revenue recognition: recent interpretations and adopting the New Standard
  • FASB Simplification Initiative, including deferred tax, extraordinary items, debt issue costs, inventory measurement, equity method, balance sheet classification of debt, development stage entities and more
  • SEC reporting: hot topics, recent enforcement cases, SEC proposed regulations, compliance issues and filing requirements
  • Impact of tax reform (Tax Cuts and Jobs Act of 2017)

Identify the entity responsible for the establishment of the Private Company Council

Recognize the primary role of the Private Company Council

Identify the current projects of the FASB

Identify the current and likely future use of the MLTN assessment in GAAP

Identify the concept of materiality in financial statements

Identify common non-GAAP measures

Recognize recent SEC guidance and prohibitions regarding non-GAAP measures

Recognize audit committee recommendations regarding the use of non-GAAP measurements suggested by the Center for Audit Quality

Recognize types of events that are candidates for disclosure under the conceptual framework for financial reporting

Identify the FASB’s latest changes to the amortization period for purchased callable debt securities held at a premium

Recognize the FASB’s proposed changes to the classification of debt in a classified balance sheet

Recognize the appropriate categorization of the cash flow associated with capitalized software costs and cloud services on the Statement of Cash Flows

Identify the entity responsible for determining if an entity has going concern uncertainties

Identify the environment associated with substantial doubt

Identify management’s assessment period for assessing substantial doubt

Identify the FASB’s proposed changes to the disclosure requirements for income taxes

Recognize the changes to corporate income tax rates under the TCJA (the Act)

Recognize the amended threshold for the cash method of accounting under the Act

Identify the amended treatment of corporate NOLs under the Act

Identify the Act’s available credit for employer wages paid to individuals under the FMLA

Recognize the minimum time threshold for goodwill impairment testing

Recognize the circumstances under which a component of an operation segment is treated as a reporting unit for purposes of goodwill impairment testing

Recognize the steps of impairment testing for goodwill

Recognize triggers for impairment testing for goodwill

Recognize the ASU 2017-04 alternative for goodwill impairment testing

Identify recent changes to the presentation of restricted cash in the statement of cash flows

Recognize the objective of the revenue recognition standard

Recognize the implications of the revenue recognition standard on disclosures

Recognize which types of contracts would fall outside the scope of ASC 606

Identify the relevance of revenue guidance found outside of ASC 606

Identify the five steps to revenue recognition

Identify the factors that indicate a goods or service performance obligation is distinct from other performance obligations

Identify the ramifications of performance obligations immaterial in the context of the contract

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

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

Recognize the implications of a contract with a significant financing component

Recognize the indicators of control of an asset where the performance obligation is satisfied

Recognize the necessary amortization period time frame which allows an entity to elect to expense the cost of obtaining a contract

Recognize the implications of a recent ASU on the number of categories of net assets to be shown on a not-for-profit’s statement of activities

Identify the options available to not-for-profit organizations regarding the amortization of goodwill under ASU 2019-06

Identify the current challenges to managing pension costs

Identify the methods used by plan administrators to reduce pension obligation risk

Identify the current funded status of state and local pension plans

Recognize the simplification characteristics of ASU 2016-09 on the accounting for share-based payment award transactions

Recognize the improvements to nonemployee share-based employment accounting under ASU 2018-07

Recognize where in the ASC the new lease rules are located

Recognize the primary motivations behind the new leasing standard

Recognize the implications of the new leasing standard to lessee balance sheets

Recognize the characteristics of a lease contract

Recognize the classification of leases by lessees

Recognize the frequency with which lease terms are reassessed

Recognize the lessee classification of lease payments in the statement of cash flows

Identify the accounting for operating lease income and finance leases by lessors

Identify the balance sheet treatment of subleases

Identify the accounting treatment of sale and leaseback transactions

Identify the transition requirements to ASC Topic 842

Identify the recently extended effective date of the new leasing standard as applied to non-public entities

Recognize the purpose of a special purpose entity

Recognize the type of voting rights that minority owners must hold in order to prevent consolidation under the VIE rules

Recognize the characteristics of substantive minority owner rights

Recognize the effect that fees paid to a decision maker or service provider have on the consolidation analysis

Identify the FASB’s clarification of the definition of a business

Identify the characteristics of an other-than-temporarily impaired debt security

Recognize the disclosure requirements for investments in certain entities that calculate NAV per share

Recognize the effect of the most recent guidance on the recognition and measurement of financial assets and financial liabilities

Recognize the FASB’s most recent changes to the disclosure requirements on fair value measurements

Identify the most recent provisions of the FASB regarding credit loss recognition

Identify the primary purpose of the COSO framework

Bottom
Price: 
$749.00
Prerequisite: 

Basic knowledge of financial accounting and reporting.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Overview.

CPE Credit: 
22.00
NASBA Field of Study: 
Accounting