Topics covered include: New releases from the FASB; Upon completing this course, you should be able to: Recognize the FASB pronouncements that may impact private companies that come from the FASB and the Private Companies Council, and to review other new and selected prior GAAP releases that may affect the non issuing entities; Identify the updates of the new Accounting Standards Codifications issued as updates; ldentify any agenda items that might be useful for future use; Differentiate previously released ASUs and how the new ASUs supersede; Recognize correct statements with respect to the new lease accounting standards prescribed by ASU 2016-02; Differentiate true statements with respect to the simplification of the test for goodwill impairment; Recognize how ASU 2015-03 simplified the presentation requirements; Identify how the ASU requirements are applied; Recognize how the amendments in ASU 2015-17 require that deferred tax liabilities and assets be classified the simplified presentation of deferred income taxes; Describe when ASU 2016-01, related to the recognition and measurement of financial assets and liabilities, is effective for public business entities for fiscal years begins; Recognize when entities are permitted to make an accounting policy election by class of underlying asset to not recognize lease assets, and lease liabilities for leases with a term; Differentiate ASUs released in 2016 provided for narrow scope improvements and practical expedients with respect to ASC Topic 606; Identify true statements regarding the presentation of financial statements of not-for profit entities based on the requirements of ASU 2016-14; Recognize ASU requirements providing a screen to determine when a set of activities is not a business; Differentiate statements regarding the GAAP outlook