2019 GAAP Update

Author: Pat Patterson

CPE Credit:  2 hours for CPAs

Review new FASB Pronouncements for 2018 up to the date of the course. This presentation will inform participants of the latest issues from the FASB and the Private Companies Council as well. Any newly released accounting standards will be visited.

Publication Date: June 2019

Designed For
Professionals in public practice, industry, government, and education who deal with nonpublic entities and wish to stay current on professional standards.

Topics Covered

  • A brief review of FASB Concepts
  • Update on selected accounting standards from the FASB
  • 2018 Accounting Standards
  • On the Horizon 2019

Learning Objectives

  • Recognize insight into the FASB pronouncements that may impact private companies that come from the FASB and the Private Companies Council
  • Describe other new GAAP releases that may affect the non issuing entities
  • Recognize and apply the updates of the new Accounting Standards Codifications issued as updates for 2017 and the latter part of 2018
  • Identify the steps when applying the new revenue recognition model as prescribed by ASU No. 2014-09
  • Differentiate ASC topics created as a result of the new lease standard issued through ASU No. 2016-02
  • Identify transactions impacted as a result of the of the issuance of ASU No. 2016-13
  • Recognize which ASU provided amendments with respect to the reclassification of certain tax effects from accumulated other comprehensive income
  • Describe the type of transaction amendments in ASU 2018-12 include targeted improvements to the accounting
  • Recognize which accounting area ASU No. 2019-01 issued in March 2019 by the FASB included codification improvements
  • Describe the majority of the requirements in which of the following ASC Topic was superseded, based on the issuance of ASU No. 2014-09 related to the new revenue recognition standards
  • Differentiate ASU's providing amendments with respect to the balance sheet classification of deferred taxes
  • Describe reasonably certain based on the new lease standard
  • Recognize which type of entity ASU No. 2019-03 issued in March 2019 addressing the definition of collections
  • Identify which accounting area the targeted transition relief was provided to entities through the issuance of ASU No. 2019-05
  • Recognize which 2019 ASU issued the extension of the private company accounting alternatives on goodwill and certain identifiable intangible assets

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
A basic understanding of Generally Accepted Accounting Standards (GAAP).

Advance Preparation
None

Registration Options
Quantity
Fees
Regular Fee $55

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