New Accounting Standards Updates (ASUs) related to U.S. GAAP are issued on a regular basis. It can be time-consuming and confusing to keep up-to-date on the resulting impact on financial statements and disclosures, especially when many changes relate primarily to public business entities, larger companies, or specific industries. This course will focus on explaining the most significant U.S. GAAP updates that are relevant to small- and medium-size private entities.
Accountants both in public and private practice responsible for preparing or attesting on financial statements and disclosures for nonpublic business entities.
- Describe the important accounting policy elections to consider related to Private Company Council (PCC) U.S. GAAP alternatives available to nonpublic entities
- Discuss the highlights of the ASUs with outstanding effective dates for nonpublic business entities, focusing on the changes most relevant to small and medium-sized nonpublic business entities
- Explain the possible impact of pending FASB activity most relevant to private companies
- Private Company Council (PCC) influenced U.S. GAAP alternatives, such as common control leasing arrangements, interest rate swaps and goodwill
- What nonpublic reporting entities need to do now related to ASU 2014-09 Revenue Recognition
- The impact of the new ASU 2016-02 Leases, and whether there is anything entities need to do now to prepare for implementation
- Highlights of other ASUs with open effective dates for nonpublic business entities that have the greatest likelihood of changing the financial statements of smaller entities
- Significant pending FASB activity related to smaller private businesses