Recent Developments at the FASB & IASB in Response to COVID-19 Webinar (1.5 Hours)

Overview: 

In response to the COVID-19 pandemic, the FASB and IASB have been busy implementing new guidelines, revising effective dates, and updating standards to assist businesses and financial professionals during this time of economic crisis. This critical new webinar will allow you to:

  • Develop an understanding of the technical accounting issues and expedients that are currently available
  • Understand how guidance currently delayed and under development—as well as recently issued—will impact existing accounting standards
  • Recognize key financial reporting considerations in respect to COVID-19

    ...and much more.
     

Objective: 

To update financial professionals on recent developments, best practices and strategies from the FASB and IASB for dealing with the financial accounting and reporting issues stemming from the COVID-19 pandemic.

 

Additional New Webinars on COVID-19:

Accounting for Debt Restructuring during Uncertain Financial Times Webinar (2 Hours)

COVID-19: The New Legal Landscape for Employers and Employees Webinar (1.5 Hours)

Cybersecurity in a Business World Impacted by COVID-19 Webinar (1.5 Hours)

Employee Retention Tax Credit: A Hands-On Guide to Maximizing the Latest Tax Benefit (1 Hour)

Exploring the Long-Term Economic Impact of COVID-19 Webinar (1 Hour)

Financial Leadership during the COVID-19 Crisis: An Expert Panel Discussion Webinar (1 Hour)

Impact of COVID-19 on Complying with SEC Requirements, including ICFR Compliance Webinar (1 Hour)

Impact of COVID-19 on Financial Reporting & Disclosures Webinar (4 Hours)

International Cash & Treasury Management in a COVID-19 Business World Webinar (1.5 Hours)

Lease Modifications: ASC 842 & COVID-19 Impact Webinar (1.5 Hours)

Managing Global Contracting during the COVID-19 Crisis Webinar (1 Hour)

Paycheck Protection Program: An Update on Loan Forgiveness Calculation Webinar (2 Hours)

Recent Developments in Transfer Pricing, including the Impact of COVID-19 Webinar (1 Hour)

Sales Tax Strategies during the Economic Disruption of the COVID-19 Outbreak Webinar (2 Hours)

State And Local Taxation (SALT) Update & the Impact of COVID Relief Programs, including PPP, ERC, et al. (3.5 Hour Webinar)

Tax Aspects of the "Coronavirus Aid, Relief & Economic Security (CARES) Act" Webinar (3 Hours)

Tax Planning for 2020/2021 & Beyond: Biden Agenda, PPP Forgiveness & More (3-Hour Webinar)
 

Emphasis: 
  • FASB Technical Agenda
    – Framework projects
    – Revenue recognition and measurement
    – Proposed accounting standard update: distinguishing liabilities from equity (including convertible debt)—current vs. proposed models
    – Identifiable intangible assets and subsequent accounting for goodwill
    – Disclosure, presentation and research projects
  • Select New Standards for Calendar Year 2020
    – ASUs effective for calendar year-end public companies
    – Accounting standards updates
       – Reference Rate Reform (Topic 848) (ASU 2020-04)
       – Codification Improvements to Financial Instruments (ASU 2020-03)
       – Financial Instruments Credit Losses (Topic 326) and Leases (Topic 842) (ASU 2020-02)
       – Fair Value Measurement—Disclosures (ASU 2018-13)
       – Postretirement Disclosures by Sponsors (ASU 2018-14)
       – Cloud Computing Arrangements (ASU 2018-15)
       – Consolidation: Improvements to Related Party Guidance for Variable Entities (ASU 2018-17)
       – Collaborative Arrangements: Interaction of ASC 808 and ASC 606  (ASU 2018-18)
  • Revised Effective Dates – “Two Bucket” Approach
    – CECL, leases, hedging and long-duration insurance: how effective dates will change
  • Recently Issued Exposure Documents (EDs)
    – Proposed Accounting Standard Updates:
       – Derivatives and Hedging
       – Not-for-Profit Entities (Topic 958)
  • Impact of COVID-19
    – Revised effective dates
    – Impact of CARES Act
       – Key provisions
       – Taxes
       – Government loans, investments and grants
       – Deferral of certain loan accounting and ASC 326
       – Revenue recognition (healthcare and life science entities)
       – FASB staff clarifications for lease concessions and other effects
       – Accounting impact of COVID-19
       – Appropriate use of non-GAAP measures
       – SEC reporting delays
  • SEC Select Projects
    – Select SEC projects
    – Definition of accelerated filers
  • Other FASB and IASB Topics
    – Transition from LIBOR and other reference rates
    – Reference Rate Reform (Topic 848)
    – Brexit update—impact on financial reporting
     
Bottom
Prerequisite: 

None.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Update.

CPE Credit: 
1.50
NASBA Field of Study: 
Accounting