Accounting Standards Update for CPAs (Currently Unavailable)

Author: Pat Patterson

Selected accounting standards updated in the previous year with impact in the current year will be highlighted. The FASB and PCC agendas and projects are discussed for their expected applications.

Review new FASB Pronouncements up to the date of the course. This presentation will inform participants of the latest issues from the FASB and the Private Companies Council.

Publication Date: February 2016

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

Topics Covered

• New releases from the FASB.
• New releases from the Private Companies Council (PCC).
• An advanced look at disclosure and documentation standards will be made for changes required by new FASB and PCC standards
• Further updates that impact on the accounting professional standards.
• Any other matters deemed appropriate and timely

Learning Objectives

• Recognize the FASB pronouncements that may impact private companies that come from the FASB and the Private Companies Council
• Identify the updates of the new Accounting Standards Codifications issued as updates
• Review other new and selected prior GAAP releases that may affect the non issuing entities
• Illustrate how to navigate the FASB website
• Recognize how to locate the standards relating to revenue in the print version of FASB Accounting Standards Codification
• Identify how the revenue recognition standards differ between IFRS and US GAAP
• Differentiate the steps to achievement of the core principle
• Classify the Type B lease under the lease accounting model
• Identify which financial instruments apply under current US GAAP
• Recognize the single authoritative source under the new changes under accounting standards codification
• Identify SQCS No.8 and how it applies to nonpublic entities
• Evaluate the FASB Trustees established under the Private Company Council (PCC)
• Identify the standards proposed in ASU No. 2014-01, 2014-03, 2014-07 and 2015-01
• Recognize when to apply the new FASB revenue recognition standards to annual reporting
• Recognize assets and liabilities with regards to leasing of assets

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
Basic knowledge of accounting

Advance Preparation
None