New FASB Developments

Author: Pat Patterson

This on-demand course will assist you in obtaining a reasonable and high-level understanding of financial reporting issues. Examples, descriptions, and practical implementation solutions will be used to assist the professional in gaining an understanding of the problems and issues facing them with important, complicated, and new pronouncements for the future.

Publication Date: September 2018

Designed For
Professionals in corporate management and public accounting who need a review of new and recent FASB pronouncements.

Topics Covered

• Implementing New Standards
• From the Chariman's Desk: An Update on Our "Big Ticket" Projects
• For the Investor By Marc Siegel, FASB Member
• Need to Know: Implementing New Standards
• Non‐GAAP Issues
• FASB's Big Three and Impacts
• ACCOUNTING STANDARDS UPDATES (ASUs) From 2017

Learning Objectives

• Describe identification and implementation of new and recent FASB standards
• Recognize pending FASB pronouncements and agenda items
• Identify professional standards
• Recognize recent accounting standards from the FASB
• Identify the FASB's Agendas
• Review the PCC's Agendas
• Differentiate true statements about the Statements on Quality Control Standards (SQCSs)
• Recognize which entity is responsible for issuing attestation standards
• Identify the FASB's implementation web portal
• Describe the steps in the revenue recognition process
• Identify the new revenue recognition guidance is required for annual reporting periods
• Recognize what is considered the "gold standard" of financial reporting
• Identify the three issues addressed by the FASB's Big Three project
• Recognize what represents the most common type of non‐GAAP income items
• Recognize how ASU standards apply to FASB developments
• Differentiate between previous GAAP and Topic 842
• Identify why the FASB expressed concern about non-GAAP reporting
• Recognize how the new guidance on leases under ASU 2016-02 affect lessor accounting
• Describe the "Five I's" of priorities from FASB chairman Russell Golden

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
Experience in accounting and application of financial reporting standards.

Advance Preparation
None