The Coronavirus Pandemic (COVID-19) has caused the Financial Accounting Standards Board (FASB) to make several changes to the Accounting Standards Updates (ASUs) and financial reporting issues. New ideas are coming from a new Chairperson of the FASB and a new Chairperson of the Financial Accounting Foundation (FAF). They have brought a new perspective in these trying accounting times. Implementation issues and solutions face the accounting professionals in this age of changes. This session will bring examples, descriptions, and practical solutions for the future.
Publication Date: December 2022
Designed For
Professional accountants in public accounting, corporate management, consulting, and education who need a review in the new and recent FASB pronouncements, the changes in procedures from the pronouncements, the new disclosures, and the new methods should attend.
Topics Covered
- Introduction to the FASB and its Developments
- Current Technical Agenda and Overview
- Issues from the Corona Virus Pandemic - COVID-19
- Update on other impactful issues
- FASB's focus on the future
Learning Objectives
- Recognize and apply new and amended accounting standards
- Describe FASB issued standards
- Identify the reference rate reform problems and issues
- Describe the workings of the Private Company Council (PCC)
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Accounting (2 hours)
Program Prerequisites
Experience in accounting and application of financial reporting standards.
Advance Preparation
None
Instructor
Pat Patterson
Cecil Patterson, (Pat), CPA, MBA, is an award-winning, nationally recognized author, speaker, and discussion leader for continuing education courses and numerous state societies. He has experience at the local and national CPA-firm level and as an adjunct university professor.
Pat holds an MBA from the University of North Florida and is a CPA and owner of the firm of Cecil Patterson, CPA. His firm provides, accounting, tax preparation and tax planning services, wealth management services, and consulting for businesses and other professional firms.
Pat has served on the AICPA Council, the FICPA Council, and the FICPA Educational Foundation Board of Trustees.