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. In addition to getting a complete review of key new pronouncements, you will:
- 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
• Identify the effective date of specified ASUs
• Identify the recent ASU simplification efforts applicable to goodwill impairment testing found in ASU 2021-03
• Recognize the industry most likely to avail itself of the lease accounting practical expedient introduced by ASU 2018-01
• Identify the lease accounting targeted improvements found in ASU 2018-11, ASU 2019-01, and ASU 2021-05
• Recognize the effect and scope of ASU 2016-13 on recognition of credit losses
• Identify the codification improvements to credit losses under ASU 2019-04 and ASU 2019-11
• Identify the result of ASU 2020-06 on separation models used to account for convertible debt instruments
• Identify the codification improvements made under ASU 2020-03 and ASU 2020-10
• Recognize the characteristics of a reasonable application of a reasonable valuation method under ASU 2021-07
• Identify the discount rate election available to lessees under ASU 2021-09
• Recognize the effect of ASU 2019-02 on accounting for costs of film and license agreements for program materials
• Identify mandatory disclosures for contributed nonfinancial assets applicable to NFPs under ASU 2020-07
• Identify SEC guidance and prohibitions regarding non-GAAP measures
• Recognize the elements of the SEC’s proposed climate rule
• Identify the restrictions on the use of the lease standard’s package of practical expedients
• Identify the characteristics of a financing lease
• Identify how a lessee’s finance lease payments are shown in income statements and statement of cash flows
• Recognize the accounting implications of a lease modification that does not result in a separate new lease
• Recognize examples of a leases’ initial direct cost recognized in the opening ROU
• Identify the extent to which residual value guarantees must be included within the opening lease liability amount
• Recognize specified characteristics of a SPAC
• Identify SEC concerns with accounting for SPACs
• Identify the SEC focus areas in regards to disclosures pertaining to Russia’s invasion of the Ukraine