GAAP Update 2020

Overview: 

This continually updated seminar 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
     
Objective: 

To familiarize participants with the accounting and reporting requirements of recent pronouncements. This seminar reviews the current activities of the standard setters and the expected impact on current and future accounting and reporting.

Emphasis: 
  • 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, 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
  • Impact of tax reform (Tax Cuts and Jobs Act of 2017)
  • The impact of COVID-19
     
Bottom
Prerequisite: 

Basic knowledge of financial accounting and reporting.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Overview.

CPE Credit: 
8.00
NASBA Field of Study: 
Accounting