Which FASB ASUs become effective in the next year and beyond? How should the new guidance be applied? This course helps to answer those questions by addressing GAAP financial accounting and reporting topics in conjunction with an overview of recent FASB pronouncements. Applicable to a broad cross section of accountants, this course is a must for both CPAs in public practice and management accountants in business and industry. Utilizing detailed descriptions and examples of how to implement the new standards, this course instructs you on how to assess new and recent FASB guidance having a major effect on all industries. It will allow you to gain an understanding of the latest pronouncements and how to develop implementation strategies. This course includes discussion of key FASB ASC topics relevant to those in public accounting practices, as well as business and industry, such as fair value, intangible assets including goodwill, financial instruments, and other investments, as well as credit losses.
The financial reporting environment Summary of recent FASB releases Financial accounting and reporting topics impacted by guidance recently-issued or effective in the near term (such as leases and revenue recognition) Review of significant accounting and reporting topics
Recognize main aspects of FASB's development process for accounting standards and the FASB Accounting Standards Codification.
Recognize recently issued accounting standards updates from FASB.
Recognize FASB's technical agenda.
Recognize accounting requirements under FASB ASC 606, Revenue from Contracts with Customers.
Recognize accounting requirements for leases under FASB ASC 842, Leases.
Recognize key requirements for accounting under FASB ASC 820, Fair Value Measurement.
Recognize accounting and reporting requirements for intangible assets, including goodwill, and long-lived assets under FASB ASC 350, Intangibles: Goodwill and Other, and FASB ASC 360, Property, Plant and Equipment.
Recognize accounting requirements for business combinations and consolidation under FASB ASC 805, Business Combinations, and FASB ASC 810, Consolidation.
Recognize financial accounting and reporting requirements for investments accounted for under FASB ASC 320, Debt Securities, FASB ASC 321, Equity Securities, and FASB ASC 326, Financial Instruments-Credit Losses.
Accountants, controllers, auditors in public practice, internal auditors, and other management level accounting personnel and educators