GAAP Update Self-Study Webinar (11 Hours)


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
  • 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


Basic knowledge of financial accounting and reporting.


No advance preparation required.

Level of Knowledge: 


CPE Credit: 
NASBA Field of Study: