Examine accounting principles using key pronouncements for nonpublic entities that became effective from 2018 to 2019, those coming in 2020 - 2021, and standards without specific effective dates.
General requirements will be addressed, including which pronouncements apply, financial statement elements affected, calculations, and reporting, including classifications, characterization, and disclosures. Review additional items for 2020 - 2021 pronouncements, including required adoption, recognizing transitions, adoption alternatives, and required special disclosures.
Pronouncements for SEC reporting entities will not be addressed.
- Identify and understand changes to significant topics and subtopics of the FASB Accounting Standards Codification (ASC) resulting from Accounting Standards Updates (ASUs) that became effective during calendar year 2018 or 2019 and those scheduled to become effective during calendar year 2020 or 2021.
- Determine whether each ASU applies to financial statements the accountant is associated with and whether they are required to be adopted.
- Understand how to make the transition from current standards to the requirements of each applicable ASU.
- Identify which financial statements are affected by the change and which elements of financial reporting are affected.
- Distinguish between ASUs that involve changing from one method of accounting to another from those that retain current methods but change one or more aspects of them.
Level of Difficulty:
- Business combinations and consolidations
- Reporting comprehensive income
- Derivatives and hedging
- Fair value
- Lease accounting
- Accounting for financial instruments
Knowledge of GAAP and awareness of the FASB Accounting Standards Codification.
CPAs, auditors, and financial professionals working with nonpublic entities.