Staying Current with Changes to

Generally Accepted Accounting Principles

This course is designed to qualify for 8 hours of CPE credit that may be applied to the A & A requirement. It can be reduced to a 4-hour program. In addition, it may be combined with other updates, such as an update of auditing or compilation and review standards.

While many apply exclusively to specific types of transactions, such as the transfers of financial instruments or the use of derivatives as hedges, others have broad application such as the new requirements regarding going concern considerations and revenue recognition.

This course reviews all ASUs issued during the preceding 2-year period, up to the date of the program. All pronouncements are covered at an overview level to provide attendees with insights into the issues being addressed, when the new ASUs apply, and what changes will result from their application. When specific ASUs apply to attendees, they are covered in greater depth.

This course also covers the recent pronouncements of the FASB's Private Company Council. The PCC has issued several standards to date that offer alternative accounting approaches for non-public entities. These approaches are designed to simplify the accounting for non-public entities without diminishing the quality of financial reporting.

Some of the topics covered include:

• Accounting for Variable Interest Entities (VIEs)
• Fair Value
• Going Concern
• Revenue Recognition
• Cash Flows of a Not-for-Profit Entity
• Goodwill
• Impairment of Intangibles
• Interest Rate Swaps

In addition, this course briefly reviews some of the key features of the FASB Codification with emphasis on the efficient performing and updating of research and the development of customized disclosure checklists for each engagement that can be easily updated and be used as a significant time-saving tool.