US GAAP Technical Update (2 days)

Introduction

This two-day course examines recent and future developments in US financial reporting and accounting research applications. The program provides a technical update on US GAAP. It has been specifically developed to update experienced preparers and users of financial statements on developments that have recently occurred, as well as other recently effective and impending pronouncements. Technical update coverage includes new and proposed FASB Accounting Standards Updates, recent SEC issues, the Dodd-Frank Act, and FASB agenda projects. The program 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?

Learning Objectives

• 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.

Topics

• US GAAP Background and Update
  • Current FASB Technical Plan
  • 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 and ASU 2017-09)
    • Pension Plan Accounting (ASU 2017-06 and ASU 2017-07)
    • Goodwill Impairment (ASU 2017-04)
    • Business Combinations: Clarifying the Definition of a Business (ASU 2017-01)
  • Revenue Recognition
    • Corrections and Improvements: Revenue from Contracts with Customers ( ASU 2016-20)
    • Principal versus Agent (ASU 2016-08)
  • Financial Instruments
    • Hedge Accounting (proposed standard)
    • Current Expected Credit Loss Model (ASU 2016-03)
    • Recognition and Measurement (ASU 2016-01)
    • 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)
  • Leases
    • Updated Leases (ASU 2016-02)
    • PCC Issue No. 2015-01, Effective Date and Transition (ASU 2016-03)
    • Leases (ASU 2016-02)
  • Other
    • Recognition and Measurement of Financial Assets and Financial Liabilities (ASU 2016-01)
    • Balance Sheet Classification of Deferred Taxes (AS U 2015-17)
    • Simplifying the Accounting for Measurement Period Adjustments (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 (AS U 2015-12)
    • Simplifying the Measurement of Inventory (ASU 2015-11)
    • Technical Corrections and Improvements (ASU 2015-10)
  • Proposed and Outstanding Exposure Documents
    • Conceptual Framework
    • Consolidation
    • Statement of Cash Flows
    • Long-Duration Contracts
    • Liabilities and Equity
    • Disclosure Framework
    • Private Company Decision Making Framework
    • PCAOB updates

Teaching Method

• Group live 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

Instructors

Venue

CPE/CPD Accreditation

IASeminars is registered with the 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.nasbaregistry.org .

 

Field of study: Accounting

Prerequisites

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