Both public and private CPAs must be current on changes to various potentially relevant accounting and financial reporting standards, including U.S. GAAP. This module provides recent and proposed changes to relevant technical standards most relevant to the preparation and fair presentation of current period financial statements.
Major Topics:
- U.S. GAAP accounting standards updates that have recent or current period effective dates
- Other relevant matters, including highlights of significant changes related to international standards
Prerequisites
No Advanced Preparation or Prerequisites are needed for this course.
Learning Objective
- Discover and discuss changes to accounting and financial reporting that have current period impact.
- Identify and explain accounting or financial reporting matters on the horizon meriting attention in the short-term.
Last updated/reviewed: March 19, 2024
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Jennifer Louis
CPA, President of Emergent Solutions Group LLC
INTRODUCTION AND OVERVIEW
- LearningObjectives for Annual Accounting and Financial Reporting Update 0:34
- Expected Credit Loss Model 21:20
- Focus on Goodwill 4:26
- Effective for Nonpublic Entities in FY 2023 12:36
- Effective for Nonpublic Entities in FY 2024 4:40
- Effective for Nonpublic Entities in FY 2025 21:38
- Effective for Nonpublic Entities in FY 2026 11:32
- Other Recent FASB Activity Primarily Impacting Public Business Entities 16:30
- Other Significant FASB Projects 7:46
Continuous Play
Supporting Materials
- Slides: Accounting Update - Hot Topics for Preparing Current Period Financial Statements PDF
- Accounting Update - Hot Topics for Preparing Current Period Financial Statements Glossary/Index PDF
Review And Test
- REVIEW QUESTIONS quiz
- FINAL EXAM exam
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