US GAAP Technical Update (2 days)

Course code: 2081

Introduction

This two-day course examines recent and likely future developments in US financial reporting and accounting research applications. The programme provides a technical update on US GAAP. The programme has been specifically developed to bring experienced preparers and users of financial statements up-to-date with developments that have occurred during the past 12 months, as well as other recently-effective and impending pronouncements. Technical update coverage includes new and proposed FASB Accounting Standards Updates, recent SEC issues, and FASB agenda projects. The programme also includes a discussion of trends in recent SEC comment letters.

This course answers questions such as:

  • What are the recent and likely future changes in US GAAP?
  • When will new requirements be effective?
  • What are the application and transition rules relating to new pronouncements?
  • In what ways does convergence with IFRS affect US GAAP filers?

Topics

  • US GAAP Background and Update
    • Current FASB Technical Plan
    • Joint FASB / IFRS Project update
    • Overview and History of US GAAP
    • Other Developments impacting US reporting:
      • Recent SEC issues
      • Trends in SEC comment letters
  • Technical Update
    • Recent Accounting Standards Updates
      • Employee Share-Based Payment Accounting Improvements (ASU 2016-09)
      • Revenue Recognition
        • Principal versus Agent (ASU 2016-08)
        • Deferral of the Effective Date of ASU 2014-09 (ASU 2015-14)
      • Simplifying the Transition to the Equity Method of Accounting (ASU 2016-07)
      • Contingent Put and Call Options in Debt Instruments (ASU 2016-06)
      • Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships (ASU 2016-05)
      • Recognition of Breakage for Prepaid Stored-Value Products (ASU 2016-04)
      • PCC Issue No. 2015-01, Effective Date and Transition (ASU 2016-03)
      • Leases (ASU 2016-02)
      • Accounting for Financial Instruments – Classification and Measurement (ASU 2016-01)
      • Accounting for Income Taxes: Balance Sheet Classification of Deferred Taxes (ASU 2015-17)
      • Accounting for Measurement Period Adjustments in a Business Combination (ASU 2015-16)
      • Application of the Normal Purchases and Normal Sales Scope Exception to Certain Electricity Contracts within Nodal Energy Markets (ASU 2015-13)
      • Employee Benefit Plan Simplifications (ASU 2015-12)
      • Simplifying the Subsequent Measurement of Inventory (ASU 2015-11)
      • Technical Corrections and Improvements (ASU 2015-10)
    • Proposed and Outstanding Exposure Documents
      • Statement of Cash Flows
      • Defined Benefit Plans: Changes to the Disclosure Requirements for Defined Benefit Plans
      • Retirement Benefits: Improving the Presentation of Net Periodic Cost and Net Periodic Postretirement Benefit Cost
      • Conceptual Framework
      • Disclosure Framework
      • Private Company Decision Making Framework
      • Fair Value Measurement
      • PCAOB updates

Teaching method

  • Live group instruction
  • Presentation of technical update examples and case studies
  • Explanation and discussion of current and upcoming accounting issues
  • Use of real-world financial statements for illustration
  • Interactive participation is encouraged
  • All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other course materials

Prerequisites

A reasonable prior knowledge of the technical requirements of US GAAP is assumed. No other advance preparation is required for this course.

Course benefits

  • Understand the current US financial reporting environment
  • Apply recent changes in US GAAP and plan ahead for expected future changes
  • Build on existing knowledge and be prepared to comply with upcoming requirements
  • Become familiar with recent SEC developments
  • Consider the future direction of US GAAP
  • Network and interact with other experienced practitioners
  • Benefit from real-world illustrations

Who should attend?

This course is primarily designed for those who currently prepare or are planning on preparing their financial statements under US GAAP. It is also suitable for those employed by subsidiaries of US parents companies in order to comply with US consolidation rules. The course is designed for industry controllers, accountants, and auditors and finance professionals who want to keep up-to-date with developments that have occurred in the past 12 months and impending pronouncements.

CPE / CPD Accreditation

NASBA

IASeminars is registered with the US National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.


Field of study: Accounting

ICAEW Partner in Learning

IASeminars is proud to have been named as an ICAEW Partner in Learning, working together to offer the ICAEW IFRS Certificate to our clients worldwide. ICAEW (The Institute of Chartered Accountants in England and Wales) is a world leading professional membership organisation that promotes, develops and supports over 140,000 chartered accountants worldwide. CPE certificates obtained from attending IASeminars courses are an ideal way for ICAEW members and others to demonstrate their continuing professional development, provided that the topic is relevant to their learning and development needs.

New York State Board of Public Accountancy

IASeminars is registered with the New York State Board of Public Accountancy as a CPE sponsor. Our CPE Sponsor ID is: 002546. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program.

Texas State Board of Public Accountancy

IASeminars is registered with the Texas State Board of Public Accountancy as a CPE sponsor. Our CPE Sponsor ID is: 009689. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program.

Venue

  • This event will be held at Radisson Blu Edwardian Vanderbilt Hotel. Detailed Joining Instructions are sent to all registered delegates by email approximately one month before the event. The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available. Coffee and lunch will be provided.
  • Our Chicago seminars take place in 4 star professional conference facilities, generally in city-centre hotels like the Marriott, Sheraton or Hilton brands. Detailed Joining Instructions are sent to all registered participants by email approximately one month before the event. The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available. Coffee and lunch will be provided.
  • Our Dubai seminars take place in 4 star professional conference facilities, generally in city-centre hotels like the Marriott, Sheraton or Hilton brands. Detailed Joining Instructions are sent to all registered delegates by email approximately one month before the event. The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available. Coffee and lunch will be provided.
  • Our London seminars take place in 4 star professional conference facilities, generally in city-centre hotels like the Marriott, Sheraton or Hilton brands. Detailed Joining Instructions are sent to all registered delegates by email approximately one month before the event. The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available. Coffee and lunch will be provided.
  • Our Las Vegas seminars take place in 4 star professional conference facilities, generally in city-centre hotels like the Marriott, Sheraton or Hilton brands. Detailed Joining Instructions are sent to all registered participants by email approximately one month before the event. The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available. Coffee and lunch will be provided.

Instructor(s)

  • Kevin R Smith

    Kevin R. Smith, Ph.D. is an Associate Professor of Accountancy in the Woodbury School of Business at Utah Valley University. Dr. Smith obtained his Ph.D. from the University of Arizona, and earned his Master of Accounting (MAcc) degree and Bachelor of Science in accounting degree from Brigham Young University. In addition to teaching at Utah Valley, Dr. Smith has taught accounting courses at the University of Kansas, the University of Arizona, and Brigham Young University. He has published multiple articles in academic, practitioner, and education journals, including the Journal of Business Finance & Accounting, the Chartered Accountants Journal, the Journal of Business and Accounting, Advances in Investment Analysis and Portfolio Management, and other journals.

  • Kevin R Smith

    Kevin R. Smith, Ph.D. is an Associate Professor of Accountancy in the Woodbury School of Business at Utah Valley University. Dr. Smith obtained his Ph.D. from the University of Arizona, and earned his Master of Accounting (MAcc) degree and Bachelor of Science in accounting degree from Brigham Young University. In addition to teaching at Utah Valley, Dr. Smith has taught accounting courses at the University of Kansas, the University of Arizona, and Brigham Young University. He has published multiple articles in academic, practitioner, and education journals, including the Journal of Business Finance & Accounting, the Chartered Accountants Journal, the Journal of Business and Accounting, Advances in Investment Analysis and Portfolio Management, and other journals.

    Christopher J. Skousen (USU)

    Christopher J. Skousen, Ph.D. is an Associate Professor of Accountancy in the Jon M. Huntsman School of Business at Utah State University. Dr. Skousen obtained his Ph.D. from Oklahoma State University, and earned his M.B.A. and B.A. in accounting degrees from Utah State University. Prior to obtaining a Ph.D. Dr. Skousen gained public accounting auditing experience with KPMG in Düsseldorf, Germany and Portland, Oregon. He also worked at Squire & Co. in Orem, Utah. In addition to teaching at Utah State, Dr. Skousen has taught accounting at The University of Texas at Arlington, Oklahoma State University, and Brigham Young University-Idaho. He has published several online accounting e-books and published multiple articles in academic journals, including Accounting Horizons, Accounting and the Public Interest, Current Issues in Auditing, Journal of International Financial Management and Accounting, Journal of Forensic Accounting, Review of Accounting & Finance, and other journals.

  • Vivek Mande

    Vivek Mande is the White Nelson Professor of Accounting at California State University, Fullerton where he was named 2005-2006 Professor of the Year for the College of Business and Economics. He was the 2007-2008 PricewaterhouseCoopers Faculty Fellow, and also Director of the University's Center for Corporate Reporting and Governance (CCRG) which organizes SEC financial reporting conferences for Boards of Directors, audit committees, auditors and accountants. Vivek is an experienced consultant on Sarbanes-Oxley section 404 issues, and has provided training to foreign private issuers on US GAAP issues. He was the 2001-2002 Academic Fellow at the Securities and Exchange Commission (SEC) in Washington DC. As well as research and publication on these topics, Vivek has made presentations on US accounting issues in numerous countries including Taiwan, China, the United Kingdom, Hong Kong, India, Germany and Singapore. He obtained his Ph.D from the Anderson Graduate School of Management, UCLA.

  • Christopher J. Skousen (USU)

    Christopher J. Skousen, Ph.D. is an Associate Professor of Accountancy in the Jon M. Huntsman School of Business at Utah State University. Dr. Skousen obtained his Ph.D. from Oklahoma State University, and earned his M.B.A. and B.A. in accounting degrees from Utah State University. Prior to obtaining a Ph.D. Dr. Skousen gained public accounting auditing experience with KPMG in Düsseldorf, Germany and Portland, Oregon. He also worked at Squire & Co. in Orem, Utah. In addition to teaching at Utah State, Dr. Skousen has taught accounting at The University of Texas at Arlington, Oklahoma State University, and Brigham Young University-Idaho. He has published several online accounting e-books and published multiple articles in academic journals, including Accounting Horizons, Accounting and the Public Interest, Current Issues in Auditing, Journal of International Financial Management and Accounting, Journal of Forensic Accounting, Review of Accounting & Finance, and other journals.

    Thomas Egan

    Thomas Egan is an IFRS and US GAAP consultant and seminar speaker specializing in the implementation of accounting standards on Revenue, Leases, Financial Instruments, and Fair Value. He is qualified as a Certified Public Accountant (US), ACCA, CPA Australia, Singapore Chartered Accountant and CGMA. Tom spent ten years as the Global Head of Technical Accounting for a major international bank, where he advised both the business and its clients on complex financial instrument transactions and accounting issues under both IFRS and US GAAP. Prior to that, Tom spent eight years as a Director leading the training and technical accounting functions of a Big 4 audit firm in Singapore. He is currently Vice Chairman of the IASB’s IFRS Taxonomy Consultative Group for XBRL, and also a member of the ACCA’s Global Financial Reporting Forum and CPA Australia’s Centre of Excellence for Financial Reporting.

  • Vivek Mande

    Vivek Mande is the White Nelson Professor of Accounting at California State University, Fullerton where he was named 2005-2006 Professor of the Year for the College of Business and Economics. He was the 2007-2008 PricewaterhouseCoopers Faculty Fellow, and also Director of the University's Center for Corporate Reporting and Governance (CCRG) which organizes SEC financial reporting conferences for Boards of Directors, audit committees, auditors and accountants. Vivek is an experienced consultant on Sarbanes-Oxley section 404 issues, and has provided training to foreign private issuers on US GAAP issues. He was the 2001-2002 Academic Fellow at the Securities and Exchange Commission (SEC) in Washington DC. As well as research and publication on these topics, Vivek has made presentations on US accounting issues in numerous countries including Taiwan, China, the United Kingdom, Hong Kong, India, Germany and Singapore. He obtained his Ph.D from the Anderson Graduate School of Management, UCLA.

In House

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Course details

Course schedule

Select a start date for more details

16 Jun 2016 London

Duration:
2 days
Course level:
Update
CPE / CPD:
16 hours
Start date:
16 Jun 2016
Start time:
09:00
Finish date:
17 Jun 2016
Finish time:
18:00
Location:
London
Price:
GBP 2,100
Subject to UK VAT (Read more)

25 Aug 2016 Chicago

Duration:
2 days
Course level:
Update
CPE / CPD:
16 hours
Start date:
25 Aug 2016
Start time:
09:00
Finish date:
26 Aug 2016
Finish time:
18:00
Location:
Chicago
Price:
USD 3,150

23 Nov 2016 Dubai

Duration:
2 days
Course level:
Update
CPE / CPD:
16 hours
Start date:
23 Nov 2016
Start time:
09:00
Finish date:
24 Nov 2016
Finish time:
18:00
Location:
Dubai
Price:
GBP 2,100

12 Dec 2016 London

Duration:
2 days
Course level:
Update
CPE / CPD:
16 hours
Start date:
12 Dec 2016
Start time:
09:00
Finish date:
13 Dec 2016
Finish time:
18:00
Location:
London
Price:
GBP 2,100
Subject to UK VAT (Read more)

19 Dec 2016 Las Vegas

Duration:
2 days
Course level:
Update
CPE / CPD:
16 hours
Start date:
19 Dec 2016
Start time:
09:00
Finish date:
20 Dec 2016
Finish time:
18:00
Location:
Las Vegas
Price:
USD 3,150
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