2020 World's Liveliest Accounting Update

Course Description

The amount of change in the accounting profession is staggering, making it tough for the average CPA to keep up. This course will get you up to date with the latest information coming from the FASB. 

In this course, Jeff Sailor will bring his truly unique presentation style to cover the most important topics you need to know. He will cover present the latest GAAP pronouncements, along with his signature video parodies, which are designed to keep you awake and reinforce the material.

Instructor

Jeff Sailor, CPA

Jeff Sailor, CPA, received a master’s degree in accounting from the University of Florida. Upon graduation, he joined the auditing staff at Peat Marwick in Jacksonville, Florida, where he worked on a large number of national accounts. Jeff has managed his own accounting firm in Ocala, Florida, since 1984. During that time, he has also developed unique auditing approaches and auditing software.

Since 1992, Jeff has been teaching accounting and auditing courses he developed to combat traditional “boring CPE.” Using a variety of creative teaching methods sprinkled with humorous video spoofs, Jeff is able to combine his in-depth accounting insights with humor in high-energy presentations. He’s also adept at presenting complex topics in a very practical, easy-to-understand manner, thus earning him rave reviews for more than 20 years. Jeff currently presents seminars, webcasts, and in-house instruction for Western CPE. He’s also a featured speaker at national conferences as well as at state and regional meetings.

For more than 10 years, Jeff has served as an AICPA peer reviewer, focusing on small firms and sole practitioners. He also served on the Resource Committee for the Private Company Financial Reporting Committee (PCFRC). Jeff has spoken at two NASBA national conferences on how to make education more engaging for practitioners.

Learning Objectives

Upon successful completion of this course, the participant should be able to:

• Apply the most pervasive accounting updates issued by the FASB
• Apply the new provisions for Credit Losses
• Apply the classification criteria to determine whether a lease is a finance or operating lease for a lessee
• Apply the classification criteria to determine whether a lease is a sales type, direct financing or operating lease for a lessor
• Apply the lease standard for a finance lease
• Apply the lease standard for an operating lease
• Describe potential pitfalls related to the new standard
• Describe alternatives to the lease standard
• Describe the evolution of the revenue standard
• Apply the five-point framework for revenue recognition
• Identify various specialty areas for revenue recognition
• Apply the revenue framework to basic business models
• Identify the changes for not-for-profit accounting under GAAP
• Describe the basics of the narrow scope GAAP updates