US GAAP Update and Application Briefing (2 days)

Introduction

This two day course is designed for experienced preparers and users of US GAAP financial statements. It has three main aims:

• Explain in detail how to apply significant changes to US GAAP effective for 2020 and later
• Share recent practical experience of implementing ASC 842 Leases and Targeted Improvements to ASC 815 Accounting for Hedging Activities
• Clarify the impact of coronavirus on preparing US GAAP financial statements in 2020

The course examines significant changes in US financial reporting and accounting requirements. It represents a practical guide to developments that have recently occurred, as well as to upcoming projects.

This program answers questions such as:

• How are US GAAP financial statements affected by coronavirus?
• How should the expected credit loss model be implemented?
• What lessons can be learnt from applying the new and amended requirements for leases and hedge accounting?

Learning Objectives

• Apply new US GAAP accounting and disclosure requirements effective for 2020 and later
• Learn how coronavirus affects GAAP relevant to your organisation
• Plan ahead for future changes

Who Should Attend

This course is primarily designed for those who currently prepare their financial statements under US GAAP. It is also suitable for those employed by subsidiaries of US parents 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 recent and upcoming developments.

Topics

• Recent Pronouncements
  • Accounting Standards Updates and FASB Staff Qs &As
  • FASB Technical Plan
  • SEC
• Updates effective 2020 and later
  • Measurement of Credit Losses on Financial Instruments (ASU 2016-13) – amended by later ASUs
  • Disclosure Initiative (ASU 2018-13 and ASU 2018-14)
  • Simplifying the Goodwill Impairment Test (ASU 2017-04)
• Recent Practical Experience of Implementing Standards
  • Leases (ASC 842)
  • Hedging Activities (ASU 2017-12)
• Impact of Coronavirus on US GAAP financial statements in 2020 and later
  • Presentation and Disclosure
  • Impairment of Goodwill, Intangibles and Long-lived Assets
  • Financial Assets and Liabilities
  • Leases – Concessions
  • Income Taxes
  • Government Assistance
  • Revenue

Teaching Method

• Group live instruction by specialist instructors
• Clear and simple description and explanation of US GAAP requirements
• Use of case studies and real-world examples to illustrate practical application
• 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.