GAAP Update Self-Study Webinar (10 Hours)

Overview: 

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
Objective: 

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.

Emphasis: 
  • 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
  • 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
 

Bottom
Price: 
$399.00
Prerequisite: 

Basic knowledge of financial accounting and reporting.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Overview.

CPE Credit: 
10.00
NASBA Field of Study: 
Accounting