Topics covered include:Revenue Recognition; Leases; Financial Instruments; Private Company Council status and agenda items; FASB issues with newly released and to be issued pronouncements; Changes to the changes; International standards. Their impact and status; A future view of GAAP; FASB Concepts; Implementing New Standards; Conducting Outreach with Stakeholders; Transition Resource Group; Technical Inquiries; Implementation Guidance for Major Standards.
Upon completing this course, you should be able to: Recognize the major issues of the 'Big Three Project';
Identify how to properly handle the reporting requirements of the Major components of the Big Three; Recognize how to properly record, report, and disclose the various issues in the 'Big Three'; Identify and implement other new and recent FASB standards and to learn of pending FASB pronouncements and agenda items; Differentiate correct statements regarding the International Financial Reporting Standards (IFRS); Describe Transition Resource Groups (TRGs); Recognize how various ASUs are applied; Identify who issued the new rules for postemployment benefits (OPEB); Recognize when the annual reporting period begins under the new revenue recognition guidance for private companies; Identify basic concepts that apply to financial applications; Recognize which entities are within the scope of the new guidance in ASU 2016-13; Identify the new auditor's reporting model requirements; Describe materiality.
Experience in accounting and application of financial reporting standards.