GAAP Update

Description

Stay on top of accounting principles by reviewing pronouncements issued since 2016, and selected pronouncements from earlier years, including those by the FASB Private Company Council and other amendments to the FASB Accounting Standards Codification.

Gain a comprehensive understanding of the pronouncements as they relate to you and your clients, as well as information on significant pronouncements that are likely to be issued soon. Plus, determine the appropriate time to apply these guidelines to transactions and arrangements with similar characteristics for which there is no authoritative guidance.

Course material includes summaries of each of the pronouncements, including the reasons behind their issuance and their effects on financial reporting.

Highlights

• Business combinations and consolidations
• Imputation of interest
• Derivatives and hedging
• Inventory
• Lease accounting
• Accounting for financial instruments

Objectives

• Identify changes to each major subject in the FASB Accounting Standards Codification as a result of Accounting Standard Updates (ASUs) issued since the beginning of 2016.
• Determine when it is appropriate to apply alternatives available as a result of pronouncements of the FASB Private Company Council (PCC).
• Determine how to apply ASU changes to client financial statements.
• Recognize changes to areas such as accounting for leases and financial instruments.
• Identify upcoming changes to revenue recognition accounting.

Designed For

CPAs, auditors and financial professionals.