Topics covered include: Implementing New Standards; From the Chariman's Desk: An Update on Our 'Big Ticket' Projects; For the Investor By Marc Siegel, FASB Member; Need to Know: Implementing New Standards; NonGAAP Issues; FASB's Big Three and Impacts; ACCOUNTING STANDARDS UPDATES (ASUs) From 2017. Upon completing this course, you should be able to: Describe identification and implementation of new and recent FASB standards; Recognize pending FASB pronouncements and agenda items; Identify professional standards; Recognize recent accounting standards from the FASB; Identify the FASB's Agendas; Review the PCC's Agendas; Differentiate true statements about the Statements on Quality Control Standards (SQCSs); Recognize which entity is responsible for issuing attestation standards; Identify the FASB's implementation web portal; Describe the steps in the revenue recognition process; Identify the new revenue recognition guidance is required for annual reporting periods; Recognize what is considered the 'gold standard' of financial reporting; Identify the three issues addressed by the FASB's Big Three project; Recognize what represents the most common type of nonGAAP income items; Recognize how ASU standards apply to FASB developments; Differentiate between previous GAAP and Topic 842; Identify why the FASB expressed concern about non-GAAP reporting; Recognize how the new guidance on leases under ASU 2016-02 affect lessor accounting; Describe the 'Five I's' of priorities from FASB chairman Russell Golden.