Accounting & Auditing Update: A Complete Review of Key New Pronouncements

Overview: 

Are you looking for a comprehensive update on the most recent changes to US financial reporting? This continually updated seminar will bring you up to date on the latest FASB pronouncements and will explain how to:

  • Apply the latest rules to your company’s financial statements
  • Implement recent FASB updates
  • Anticipate future developments
  • Identify COVID-19 issues
     

 

Objective: 

To update financial professionals on the latest developments in financial reporting from the FASB. You’ll learn how to apply all the most recent pronouncements effectively and efficiently. You’ll also gain an understanding of how the FASB’s convergence projects with the IASB impact new guidance. This seminar will also provide a review of the latest SASs.

Emphasis: 
  • Revenue recognition: recent interpretations and adopting the New Standard
  • FASB Exposure Drafts, projects and proposals
  • Status of international convergence and current joint FASB/IASB projects
  • FASB shifts in focus
  • Private company reporting: the latest from FASB and the PCC
  • Leases—adopting the New Standard
  • Financial instruments, hedging and derivatives, credit losses, and extinguishment of debt
  • Financial statement presentation, including cash flows and comprehensive income
  • Pensions, postretirement and employee benefit plans, and share-based payments
  • Business combinations and consolidations, including:
    – Push down accounting
    – Clarifying the definition of a business
    – Interests by related parties under common control
    – Equity method
  • Changes to impairment of goodwill and intangible assets with indefinite lives
  • FASB Simplification Initiative—update
  • Accounting for Not-for-Profits—update
  • Updates on auditing, compilations and reviews, independence and ethics
  • Impact of tax reform (Tax Cuts and Jobs Act of 2017)
  • The impact of COVID-19
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Prerequisite: 

None.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Overview.

CPE Credit: 
8.00
NASBA Field of Study: 
Accounting