2015 GAAP Update (Currently Unavailable)

Author: Pat Patterson

CPE Credit:  2 hours for CPAs

Review new FASB Pronouncements for 2015 up to the date of the course. This presentation will inform participants of the latest issues from the FASB and the Private Companies Council as well. Any newly released accounting standards will be visited.

Publication Date: June 2015

Designed For
Professionals in public practice, industry, government, and education who deal with nonpublic entities and wish to stay current on professional standards.

Topics Covered

  • New releases from the FASB
    -Revenue Recognition
    -Leases
    -Financial Instruments
  • New releases from the Private Companies Council (PCC).
  • An advanced look at documentation standards will be reviewed for changes required by new FASB and PCC standards
  • Further updates that impact on the accounting standards.
  • Ethics Interpretation 101-3 will be explored for revisions and updates in attest/nonattest applications as released or considered by the Professional Ethics Executive Committee.
  • Any other matters deemed appropriate and timely

Learning Objectives

  • Recognize FASB pronouncements that may impact private companies that come from the FASB and the Private Companies Council
  • Identify other new GAAP releases that may affect the non issuing entities
  • Differentiate the new Accounting Standards Codifications issued as updates for 2015 and the latter part of 2014
  • Identify the single authoritative non-governmental source for generally accepted accounting principles in the US
  • Recognize the primary advisory body that provides recommendations for accounting standards set for private companies
  • Evaluate circumstances your company adopts simplified hedge accounting under ASU No.2014-03
  • Differentiate which steps in the revenue recognition process are necessary
  • Identify new standard for disclosure of uncertainties associated with the ability of a client company to continue as a going concern
  • Recognize the proper classification of a lease
  • Differentiate accounting principles and rules to your CPA practice under the body of authority to require compliance
  • Identify when to consult SQCS No.8 for your CPE practice if you want to apply approved practices
  • Illustrate how to navigate the FASB website to obtain information on accounting standards updates
  • Recognize which investment methods you would account for under ASU 2014-01
  • Identify and apply accounting for goodwill under ASU No. 2014-02
  • Recognize which revenue recognition standards supersedes ASU No. 2014-09
  • Recognize and apply the standard for accounting for development stage entities under ASU No. 2014-10
  • Identify which situations, under ASU No. 2014-17, would apply to accounting on the part of an acquired company which elects pushdown accounting
  • Recognize when ASU No. 2014-01 goes into effect what an entity will be able to do
  • Identify, under ASU No. 2015-15, how a customer should account for a cloud computing arrangement that does include a software license

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
Understanding of Generally Accepted Accounting Standards (GAAP)

Advance Preparation
None

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