2020 GAAP Update (Completed)

We will walk through the updates to US GAAP impacting the 2020 calendar year end reporting period, with a special focus on COVID-19 related impact on effective dates for several standards. This session will be unique as we will look sequentially at the accounting standard updates over the past two years, to ensure greater exposure to the variety of standards issued, versus considering from a topical standpoint. Beginning with the most recent additions in 2020, and then progressing to the updates issued in 2019 and 2018 which will now have an impact on reporting, this comprehensive discussion will ensure you are alert to changes that could impact your reporting. Additional discussion will be given to existing standards originating from the FASB’s Private Company Council and how these can streamline reporting requirements.

Who Should Attend
Anyone with financial reporting responsibilities and those in public accounting serving clients who utilize US GAAP.

Topics Covered

• Relevant accounting standards affecting 2017 calendar year end financial statements
• Implementation considerations of revenue recognition and lease standards
• Private Company Council standards and application
• Adoption and disclosure requirements for 2017 year-end financial statements

Learning Objectives

• Recognize required GAAP reporting requirements for your company or clients
• Properly apply new accounting standards
• Strategize for implantation of revenue recognition and lease standards
• Identify areas where Private Company Council standards can be applied

Level
Update

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
Basic understanding of GAAP.

Advance Preparation
None