GAAP Update

Description

This course will cover all pronouncements of the FASB relevant to nonpublic entities. It will be presented in four distinct sections: First, we will identify all Accounting Standards Updates issued by the FASB in 2018, 2019, 2020 and up through March of 2021. For each pronouncement, we will identify the topic or topics affected, the most significant provisions, how the provisions affect financial reporting and disclosure, and, when possible, the reasons for the change. This will enable those associated with the GAAP financial statements of nonpublic entities to determine which pronouncements affect them or their clients, requiring further research. In the second segment, we will discuss the accounting and reporting related to PPP loans, including the borrowings, forgiveness, and, when appropriate, repayment. Two alternative treatments will be covered with examples for each. The examples, in the form of case studies, will discuss accounting and reporting and provide journal entries based on varying sets of facts. In the third segment, we will look at the most common financial statement elements that have undergone changes in recent years. It will include an in-depth analysis that will demonstrate how these elements have traditionally been accounted for and how they have evolved, concluding with the current requirements for reporting and disclosing The final segment will be designed to provide attendees with practical approaches for improving the way they and their clients understand and apply GAAP. We will select a few significant topics, review how the topics have changed over the years and the reasons for some of the changes. We will also introduce tools that will make some of the accountant's processes much more efficient, more effective, and will cause staff members to be more engaged in the practice and the engagements they participate in.

Highlights

• Business combinations and consolidations

• Intangibles

• Reporting comprehensive income

• Derivatives and hedging

• Fair value

• Lease accounting

• Accounting for financial instruments

Objectives

• Identify relevant areas of accounting that have changed in recent years

• Determine when changes are not likely to materially affect financial statements, allowing for simplified approaches

• Understand the nature of significant changes and identify trends

• Improve the presentation and content of financial statements and disclosures

Designed For

CPAs, auditors, and financial professionals working with nonpublic entities.