GAAP Update Self-Study Webinar (11 Hours)


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



Basic knowledge of financial accounting and reporting.


No advance preparation required.

Level of Knowledge: 


CPE Credit: 
NASBA Field of Study: