This self-study webinar is designed for the accountant who wants to keep abreast of the latest rules and regulations affecting financial accounting and reporting. You’ll:
- Discover how the latest pronouncements affect your company or clients
- Benefit from an analysis of new and emerging developments
- Get a sneak preview of where the standard setters are heading
- Learn about the impact of COVID-19
To familiarize participants with the accounting and reporting requirements of recent pronouncements. This self-study webinar reviews the current activities of the standard setters and the expected impact on current and future accounting and reporting.
- Revenue recognition: recent interpretations and adopting the New Standard
- FASB shifts in focus and recent releases
- Status of international convergence and current joint FASB/IASB projects
- Private company reporting—the latest from FASB and the PCC (Private Company Council)
- Fair value update, including OTTI, receivables, valuations and troubled debt restructuring
- Leases: understanding and implementing the New Standard
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Recent FASB pronouncements, exposure drafts and current projects
– Financial instruments, FX, derivatives and hedging, credit losses, and extinguishment of debt
– Defined benefit, defined contribution, multi-employer pension plans, employee benefit and share-based accounting plans
– Business combinations and consolidations and push down accounting
– Clarifying the definition of a business
– Interests by related parties under common control
– Changes to impairment testing for goodwill and intangible assets with indefinite lives
– Going concerns: liquidation basis, risks and uncertainties
– Financial statement presentation: offsetting assets and liabilities, comprehensive income, cash flows and disclosures
– Industry-specific issues - Not-for-Profit Accounting—update
- FASB Simplification Initiative—update
- SEC reporting: recent developments, enforcement issues and hot topics
- PCAOB update
- Impact of tax reform (Tax Cuts and Jobs Act of 2017)
- The impact of COVID-19
• Recognize the role of the FASB’s Transition Resource Groups
• Identify the role of the PCC in establishing GAAP
• Identify the characteristics of the FASB Simplification Initiative
• Recognize the characteristics of the FASB Codification improvements
• Recognize the status of specified FASB projects
• 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
• Recognize the points of emphasis within the FASB’s Conceptual Framework for Financial Reporting (Chapter 8) Notes to the Financial Statements
• Identify the treatment of purchased callable debt securities held at a premium under ASU 2017-08
• Recognize the recent 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 recent 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 goods or service performance obligation is distinct from other performance obligations within the context of a contract
• Recognize the factors indicating a principal vs. 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
• 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 current SEC enforcement trends
