Previous accounting experience.

Course Description

As you are no doubt aware, various accounting standard setting bodies are involved in updating, re-codifying, and converging their standards with international standards. Accounting Update 2016 provides information on changes to professional standards from January 2015 to July 2016 and includes material on activities of the Financial Accounting Standards Board (FASB), the International Accounting Standards Board (IASB), the Governmental Accounting Standards Board (GASB), and Federal Accounting Standards Advisory Board (FASAB). It also includes the AICPA's Financial Reporting Framework of Small- and Medium-Sized Entities (FRF for SMEs), a reporting framework for entities that do not need GAAP financial statements.


Patricia Lane Williams, CPA

Patricia (Pat) Lane Williams, CPA, is a former sole practitioner in Lubbock, Texas. She now lives in Denver, Colorado, where she spends her time, among other things, writing continuing education for accountants. She moved to Denver after spending 8 years in New York City at the AICPA; 6 of those years as the director of professional development where she was responsible for self-study programs, conferences, videos, and vendor relations. One of those vendors was MicroMash, located in Denver, where she was the vice president of editorial accounting and was responsible for development and maintenance of review programs for certification examinations and continuing professional education programs.

Pat is currently a freelance speaker and author. She has authored CPE programs for the AICPA, including “Navigating the New FASB Codification: Research Real–Life Accounting Issues,” covering the FASB’s codification project and revenue recognition in today’s business climate. She’s also author of a quarterly supplement for the AICPA. The supplement covers activities of the FASB, AICPA, PCAOB, IASB, and the SEC.

Course Specifics

Jul 18, 2017
Previous accounting experience.

Compliance Information

Qualifies for CA Fraud: No

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Identify the structure and activities of the Financial Accounting Foundation, the FASB, and the GASB

Chapter 2

  • Cite important concepts from ASU No. 2014-09 Revenue from Contracts with Customers (Topic 606)
  • Identify the five steps of revenue recognition
  • Recognize accounting standards updates applicable to revenue recognition

Chapter 3

  • Identify ASUs to FASB Accounting Standards Codification issued from January 2015 to August 2015

Chapter 4

  • List and describe the proposed accounting standards updates released by the FASB in the period from January 2015 to August 2015 that are still proposed but not issued

Chapter 5

  • Identify Accounting Standards Updates to FASB Accounting Standards Codification from January 2016 to July 2016

Chapter 6

  • Identify Proposed Accounting Standards Updates to FASB Accounting Standards Codification from January 2016 to July 2016

Chapter 7

  • Cite important concepts from the GASB Statements No. 72 through 82
  • Identify exposure drafts issued by the GASB

Chapter 8

  • Cite important aspects related to FRF for SMEs
  • Identify the chapters and scope of FRF for SMEs

Chapter 9

  • Cite the recent Statements of the Federal Accounting Standard issued by the Federal Accounting Standards Advisory Board (FASAB)
  • Identify current projects of the FASAB

Table of Contents

Chapter 1 – The FAF, the FASB, and the GASB

Learning Objectives



Organizational Structure


Due Process

Post-Implementation Reviews

Private Company Council

Composition of the PCC

Oversight of the PCC

Three Year Assessment

Financial Accounting Standards Board


FASB Technical Agenda

FASB Simplification Initiative


Governmental Accounting Standards Board



Chapter 1 – Review Questions

Chapter 2 – Revenue Recognition from Contracts with Customers

Learning Objectives


The SEC and Topic 13

Overview of ASU No. 2014–09

Effective/Applicability Date

The Five Steps

Understanding the Five-Step Process

Step 1: Identify the Contract(s) with a Customer

Step 2: Identify the Performance Obligations in the Contract

Step 3: Determine the Transaction Price

Discount or Variable Amount

Step 5: Recognize Revenue When (or as) the Entity Satisfies a Performance Obligation


Contract Requirements

Appendix A

Revenue Recognition Implementation Example

Exhibit A

Chapter 2 – Review Questions

Chapter 3 – Accounting Standards Update—2015

Learning Objectives


Simplification Initiative

ASU No. 2015–01


Current GAAP

Requirement under Current GAAP

Disclosure under Current GAAP

Stakeholders Feedback

Board’s Conclusion

Alignment with IAS 1

Transition Requirements and Effective Dates

Transition Disclosure

ASU No. 2015–02


Stakeholders’ Concerns

Affected Entities

Provisions of this Update

Current GAAP

Improvement to Current GAAP

ASU No. 2015–03

Decision of the Board

Effective Date and Transition


ASU No. 2015–04

Occurrence of Contribution or Significant Event

Significant Event in an Interim Period

Transition Requirements and Effective Date

ASU No. 2015–05

Current GAAP

Cloud Computing Arrangement with Software License Acquisition

ASU No. 2015–06

Entities affected by this Update

Provisions of the Amendments

Current GAAP

ASU No. 2015–07

Provisions of the ASU

ASU No. 2015–08

ASU No. 2015–09

ASU No. 2015–10

ASU No. 2015–11

ASU No. 2015–12

Part I: Fully Benefit-Responsive Investment Contracts

Part II: Plan Investment Disclosures

Part III: Measurement Date Practical Expedient

ASU No. 2015–13

ASU No. 2015–14

ASU No. 2015–15

ASU No. 2015–16

Main Provisions of the ASU

ASU No. 2015–17

Chapter 3 – Review Questions

Chapter 4 – Proposed Accounting Standards Update—2015

Learning Objectives


Proposed ASU Derivatives and Hedging (Topic 815) Disclosures about Hybrid Financial Instruments with Bifurcated Embedded Derivatives

Proposed Accounting Standards Update Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954) Presentation of Financial Statements of Not-for-Profit Entities

The proposed amendments in this proposed update are intended to address the following issues about the current financial reporting for not-for-profits:

Current Requirements Eliminated

Proposed Accounting Standards Update Government Assistance (Topic 832) Disclosures by Business Entities about Government Assistance

Chapter 4 – Review Questions

Chapter 5 –Accounting Standards Update—2016

Learning Objectives


ASU No. 2016-01

ASU No. 2016–02

Lessee Accounting

Accounting Policy Election

Finance Leases

Operating Leases

Lessor Accounting


Practical Expedient

Sale and Leaseback Transactions

Modified Retrospective Approach

Optional Practical Expedients

ASU No. 2016-03

Difference from Current GAAP

ASU No. 2016-04

ASU No. 2016–05

ASU No. 2016–06

ASU No. 2016–07

ASU No. 2016–08

ASU No. 2016–09

ASU No. 2016–10

ASU No. 2016–11

ASU No. 2016–12

ASU No. 2016–13

Chapter 5 Review Questions

Chapter 6 – Proposed Accounting Standards Updates—2016

Learning Objectives


Proposed Accounting Standards Update Compensation—Retirement Benefits (Topic 715) Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost

Why Issued

Who Would Be Affected

Main Provisions

Difference from Current GAAP

Effective Date

Proposed Accounting Standards Update Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20) Changes to the Disclosure Requirements for Defined Benefit Plans

Proposed Accounting Standards Update Technical Corrections and Improvements

Simplification and Minor Improvements to Topics on Insurance and Troubled Debt Restructuring

Proposed Accounting Standards Update Statement of Cash Flows (Topic 230) Restricted Cash

Proposed Accounting Standards Update Intangibles—Goodwill and Other (Topic 350) Simplifying the Accounting for Goodwill Impairment

Proposed Accounting Standards Update Technical Corrections and Improvements to Update No. 2014-09, Revenue from Contracts with Customers (Topic 606)

Proposed Accounting Standards Update Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets

Proposed Accounting Standards Update Consolidation (Topic 810) Interests Held through Related Parties That Are under Common Control

Proposed Accounting Standards Update Income Taxes (Topic 740) Disclosure Framework—Changes to the Disclosure Requirements for Income Taxes

Proposed Accounting Standards Update Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965). Employee Benefit Plan Master Trust Reporting

Chapter 6 Review Questions

Chapter 7 – GASB

Learning Objectives


GASB Statements

Statement No. 72

Statement No. 73

Statement No. 74

Statement No. 75

Statement No. 76

Statement No. 77

Statement No. 78

Statement No. 80

Statement No. 81

Statement No. 82

Implementation Guidance Update—2016

Exposure Drafts

Proposed Statement of the Governmental Accounting Standards Board Certain Asset Retirement Obligations

Proposed Statement of the Governmental Accounting Standards Board Fiduciary Activities

Proposed Statement of the Governmental Accounting Standards Board Leases

Chapter 7 – Review Questions

Chapter 8 – FRF for SMEs

Learning Objectives

AICPA Financial Reporting Framework for Small- and Medium-Sized Entities

FRF for SMEs

Illustrative Financial Statements and Disclosure

Chapter 8 – Review Questions

Chapter 9 – Federal Accounting Standards Advisory Board

Learning Objectives


Purpose of the FASAB Handbook




Exposure Drafts

Exposure Draft – Insurance Programs

Exposure Draft – Tax Expenditures Management’s Discussion and Analysis and Disclosure Requirements

Active FASAB Projects

Accounting and Reporting of Government Land Project

Budget and Accrual Reconciliation Project

Concepts – The Financial Report


Risk Assumed

Chapter 9 – Review Questions

Review Question Answers and Rationales



Qualified Assessment

Answer Sheet

Course Evaluation

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