2018 GAAP Update
Author: Lewis R. Fisher
||2 hours for CPAs
We will walk through the updates to US GAAP impacting the 2017 calendar year end reporting period This session will be unique as we look sequentially at the accounting standard updates versus a topical approach. Beginning with the most recent additions in 2017, and then progressing to the updates issued in 2016 and 2015 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.
Publication Date: February 2018
Anyone with financial reporting responsibilities and those in public accounting serving clients who utilize US GAAP.
- 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
- 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
- Recognize and apply the amendments to various ASU Topics
- Identify how companies should prepare pro forma financial statements to prepare for implementation of ASU No. 2016-02 (Topic 842) Leases
- Differentiate which ASU updates do not include new disclosure requirements
- Recognize how changes affect a company when implementing a new standard
NASBA Field of Study
Accounting (2 hours)
Basic understanding of GAAP.