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Course 2081
US GAAP Technical Update (2-day course)

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Contents


Introduction

This two-day course examines recent and likely future developments in US financial reporting and accounting research applications. The programme provides both a technical update on US GAAP and a workshop on the FASB Accounting Standards Codification (Codification). 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 Standards, Interpretations, FASB Staff Positions (FSP), Emerging Issues Task Force (EITF) decisions, Exposure Drafts, recent SEC issues, and FASB agenda projects.

The Codification workshop addresses the needs of financial statement preparers and auditors to familiarise themselves with the significant upcoming changes occuring in 2009. As of July 1 the Codification will become the only level and source of existing authoritative US GAAP. It is therefore vital that users understand how to effectively access and utilise the Codification. This workshop not only illustrates application of the US GAAP Codification and teaches the skills needed to research and solve accounting problems, but also provides participants with insight regarding the anticipated impact of IFRS adoption. Depending upon its status as of the course date, some technical update topics may not yet be reflected in the Codification

The programme also includes an update on international convergence.

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?
  • What is the purpose of codification and how will it interact with IFRS adoption?
  • How is the Codification used to research accounting issues?
  • In what ways does international convergence affect US GAAP filers?

Prerequisites

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

Course Level

Update

Topics

  • Technical Update
  • Recent FASB Standards
  • Accounting for Financial Guarantee Insurance Contracts—an interpretation of FAS No. 60 (FAS 163)
  • The Hierarchy of Generally Accepted Accounting Principles (FAS 162)
  • Disclosures about Derivative Instruments and Hedging Activities (FAS 161)
  • Noncontrolling Interests in Consolidated Financial Statements (FAS 160)
  • Business Combinations (FAS 141R)
  • The Fair Value Option for Financial Assets and Liabilities (FAS 159)
  • Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans (FAS 158)
  • Fair Value Measurements (FAS 157)
  • Interpretations
  • Accounting for Uncertainty in Income Taxes (FIN 48)
  • FASB Staff Positions (FSP)
  • Recently issued
  • In process
  • Emerging Issues Task Force (EITF) Decisions
  • Recently issued
  • In process
  • Exposure Documents
  • Capital
  • Financial Instruments with Characteristics of Equity
  • Not for Profit Organizations: Goodwill and Other Intangible Assets Acquired in a Merger or Acquisition
  • Not for Profit Organizations: Mergers and Acquisitions
  • Earnings per Share-an amendment of FASB Statement No. 128
  • Conceptual Framework for Financial Reporting: The Objective of Financial Reporting and Qualitative Characteristics of Decision-Useful Financial Reporting Information
  • Conceptual Framework for Financial Reporting: The Reporting Entity
  • Reducing Complexity in Reporting Financial Instruments
  • Disclosure of Certain Loss Contingencies-an amendment of FASB Statements No. 5 and 141(R)
  • Accounting for Transfers of Financial Assets
  • Amendments to FASB Interpretation No. 46R
  • Subsequent Events
  • Current FASB Agenda – Major Joint Projects with IASB
  • Improved conceptual framework for financial reporting
  • Earnings per share
  • Financial statement presentation
  • Discontinued operations
  • Financial instruments with characteristics of equity
  • Accounting for leases
  • Revenue recognition
  • Emissions trading schemes
  • Income taxes
  • Financial instruments
  • Current FASB Agenda - Other Major Projects
  • Postretirement benefit obligations including pensions (Phase 2)
  • Reconsideration of Interpretation 46(R) Consolidation of Variable Interest Entities
  • Statement 140 implementation: Transfers of financial assets
  • Statement 133 Hedging
  • Mergers and acquisitions by a not-for-profit organization
  • Going concern
  • Subsequent events
  • Contingency disclosures
  • Fair value option (Phase 2)
  • FAS 2—In-process research and development acquired in an asset acquisition
  • Loan loss disclosures
  • Other Developments
  • Recent SEC issues
  • International convergence – current status and future prospects
  • FASB Accounting Standards Codification
  • Brief Background on Codification Development and Purpose
  • GAAP Hierarchies and Codification Impact
  • US GAAP hierarchy
  • IFRS hierarchy
  • The impact of codification
  • How the Codification Works
  • Current status
  • Application under IFRS adoption
  • Applying the Codification
  • Examples using the codification to research accounting topics
  • Codification Practice
  • Problem solving applied to accounting issues

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
  • Learn how to use the Codification for accounting research and problem solving
  • Consider the future direction of US GAAP and the prospects for convergence with IFRS
  • Network and interact with other experienced IFRS practitioners
  • Benefit from real-world illustrations

Teaching Method

  • Live group instruction with a workshop format applied to the FASB Accounting Standards Codification
  • Presentation of technical update examples and case studies
  • Explanation and discussion of current and upcoming accounting issues
  • Presentation of examples to describe and illustrate Codification applications
  • Completion of practical exercises for real-world Codification practice
  • 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

Continuing Professional Education (CPE)

16 hours

Venue

All of our Riyadh seminars take place in 4 star professional conference facilities, usually in city-centre downtown 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.

Course Summary

This two-day course offers participants the benefits of both a US GAAP technical update and a workshop on the FASB Accounting Standards Codification. The first day of the course comprises a technical update that brings delegates up-to-date with the changes to US GAAP that have been issued, amended or became effective during the past 12 months and provides information on other recent and impending pronouncements. Included in the technical update is a progress report on current Exposure Drafts and ongoing projects. Topics to be covered are finalised in the run-up to the course in order to be as current as possible. Using examples and case studies for illustration, the technical update concisely covers recent and pending changes in US GAAP. Technical update topics include: Accounting for Financial Guarantee Insurance Contracts—an interpretation of FASB Statement No. 60 (FAS 163) | The Hierarchy of Generally Accepted Accounting Principles (FAS 162) | Disclosures about Derivative Instruments and Hedging Activities - an Amendment of FASB Statement 133 (FAS 161) | Noncontrolling Interests in Consolidated Financial Statements (FAS 160) | Business Combinations (FAS 141R) | The Fair Value Option for Financial Assets and Liabilities (FAS 159) | Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans (FAS 158) | Fair Value Measurements (FAS 157) | Accounting for Uncertainty in Income Taxes (FIN 48) | Exposure Drafts | Capital | Financial Instruments with Characteristics of Equity | Not for Profit Organizations: Goodwill and Other Intangible Assets Acquired in a Merger or Acquisition | Not for Profit Organizations: Mergers and Acquisitions | Earnings per Share | Conceptual Framework for Financial Reporting: The Objective of Financial Reporting and Qualitative Characteristics of Decision-Useful Financial Reporting Information | Conceptual Framework for Financial Reporting: The Reporting Entity | Reducing Complexity in Reporting Financial Instruments | Accounting for Hedging Activities | Disclosure of Certain Loss Contingencies | Accounting for Transfers of Financial Assets | Amendments to FASB Interpretation No. 46R | Current FASB Agenda – Major Joint Projects with IASB (Revenue Recognition, Liabilities and Equity, Financial Statement Presentation, Improved Conceptual Framework for Financial Reporting, Accounting for Leases, Income Taxes, Earnings per Share, Discontinued Operations, Emissions Trading Schemes, Financial Instruments) | Current FASB Agenda - Other Major Projects (Post-retirement Benefits, Fair Value Option Phase 2, Subsequent Events, Transfers of Financial Assets, Loan Loss Disclosure, Hedging, Not-for-Profit Mergers and Acquisitions, Going Concern, Contingency Disclosures, Acquired In-process Research and Development, Reconsideration of Interpretation 46(R) Consolidation of Variable Interest Entities) | EITF Activity (recently issued and pending) | FASB Staff Positions (recently issued and pending) | SEC developments | International convergence – current status and future prospects.

The second day of the programme is a workshop that focuses on developing the skills to effectively utilise the new FASB Accounting Standards Codification. Upon its implementation in July 2009 the Codification will become the single authoritative source of US GAAP for nongovernmental entities. Course participants will learn about the Codification in its present form, as well as expected developments and anticipated impacts relating to IFRS adoption. Real-world illustrations and hands-on practice are used to enhance and reinforce learning. Codification topics include: FASB Accounting Standards Codification | Brief background on Codification development and purpose | GAAP hierarchies and codification impact (US GAAP hierarchy, IFRS hierarchy, the impact of codification) | How the Codification works (current status, application under IFRS adoption) | Applying the Codification (examples using the Codification to research accounting topics) | Codification practice (problem solving applied to accounting issues).