We are living through some of the most significant changes in financial reporting the profession has experienced in a generation. Changes to revenue recognition, lease accounting and credit losses are a triple threat making it difficult for the average CPA to keep up. In this upbeat course, instructor Ray Thompson brings his unique presentation style to the classroom. Learn about the latest accounting pronouncements, future issues, and alternatives to GAAP, all presented in a clear and practical fashion. Course topics will be updated on an ongoing basis throughout the year. After attending this course, you will be informed of the latest trends, standards, and updates in accounting today.
Note: Content will be geared to the interests of the audience (public vs. non-public companies, CPA’s in industry and public practice)
- FASB overview & current priorities
- Lease Accounting: are you ready?
- Revenue recognition: remaining implementation issues
- The credit losses (CECL) model impact on bad debts accounting
- Financial Instruments: recent and forthcoming standards
- Private Company Council: current initiatives (VIE consolidation, etc.)
- The Simplification Initiative: progress to date
- Current and forthcoming FASB standards (debt classification, cloud computing)
- Not-for-Profit reporting, distinguishing revenue from contributions
- Does GAAP reporting make sense in a hi-tech economy?
Upon successful completion of this course, participants will be able to:
- Identify the most significant challenges facing financial reporting today
- Implement the main provisions of the new lease standard
- Take a retrospective view of how well we have implemented revenue recognition standard and what remains to be done
- Prepare for the credit losses (CECL) standard and understand the demands it will place on non-financial companies
- Apply the exceptions provided by the Private Company Council
- Apply recently enacted standards FASB has promulgated under the Simplification Initiative
- Understand how accounting for financial, instruments, and credit losses are changing
- Identify other changes to the standards that are on FASB’s horizon
- Apply the main provisions of the new standards
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