This self-study ebinar 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, rate reform, 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
- 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 and prohibitions regarding non-GAAP measures
• Recognize the options for the practical expedients of Topic ASC 842
• Recognize the appropriate discount rates to be used by lessees in establishing their ROU assets and lease liabilities
• Identify the current role of special purpose acquisition companies in today’s capital markets
• Recognize the primary characteristics of a SPAC
• Identify SEC concerns with SPACs
• Identify recent PCAOB audit firm inspection deficiency trends
• Recognize the impact of the PCAOB’s promulgation of auditing standards on the AICPA’s ASB
• Identify the current level of interest in ESG as an investment strategy
• Recognize the relative interest of the SEC in the MD&A
