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2021 FASB UPDATE

  • Accountant
  • CPA/ABV
  • CPA/CFF
  • CFE
  • CGFM
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • CFA
  • IAP
  • QIAL
  • CIPM
  • CBA/MCBA
  • FPAC
  • CFIRS
  • CWS

Published: January, 2022

Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • 2021 Accounting and Auditing update
    2 mins
  • ASU 2020-04 Reference rate reform
    25 mins
  • ASU 2021-03, Goodwill & Other intangibles
    32 mins
  • ASU 2021-09, Discount rates for lessees that are not public entities
    43 mins
  • FAS 115 on marketable securities (1993)
    63 mins
  • ASU 2020-08, Non-Refundable fees and other costs
    83 mins

Course Description

Sometimes it is a little difficult to keep up with the amendments in accounting standards issued by FASB.

New, more complex accounting issues and disclosures create challenges for today’s busy financial executives.

This CPE course will present the latest on the activities at the Financial Accounting Standards Board (FASB). 

Particular attention will be paid to ASU 2020-07 on non-financial contributions to not-for-profit entities, goodwill, revenue recognition for franchisors, leases, and reference rate reform. 

This CPE webinar will include a summary of the Accounting Standards Updates (ASUs) issued since January 2020 and a discussion of the key updates that would impact private company financial statements.

Digital assets hold an immense amount of potential for companies, but there can be a hesitancy to add this asset class to the balance sheet—especially when digital assets accounting continues to be an obstacle. Many cases involving distributed ledgers and cryptocurrencies require thoughtful examination of basic considerations within traditional accounting frameworks, while other instances call for new standards and practices. 

There will also be a brief discussion of complexities in accounting for digital assets, exposure drafts, and current FASB projects.

Stay up to date on FASB's activities, save time reading many email summaries, and receive summarized news in one session with CPE credit.

Learning Objectives

  • To gain an understanding of recently issued Accounting Standard Updates.
  • To discuss new financial reporting requirements for 2021 financial statements.
  • To discuss FASB projects and exposure drafts that could impact future financial reporting.
  • To analyze the complexities in accounting for digital assets. 

Recommended For

  • This online CPE course is recommended for CPAs, CMAs, CIAs, Accounting, and auditing practitioners at all levels desiring to remain up to date on recent pronouncements and other standard setters’ activities.

Who Should Attend?

  • Accountant
  • Accounting and audit managers/practitioners
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Accounts Director
  • Auditors
  • Bookkeepers & Accountants & Tax Preparers
  • Certified Management Accountant (CMA)
  • Certified Public Accountant (CPA)
  • Chief Accounting Officer
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Director of Accounting
  • Entrepreneurial Accountant
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2 CPE Credit of Financial Accounting for Certified Internal Auditors (CIA)
  • 2 CPE Credit of Financial Reporting for Certified Management Accountants (CMA)
  • 2 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
  • 2 CPE Credit for Internal Audit Practitioner (IAP)
  • 2 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
  • 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2 CE Credit for Certified Wealth Strategist (CWS)
  • 2 General Credit for Accountant/Bookeeper
  • 2 CPD Credit of Financial Reporting for Accredited in Business Valuation (ABV)
  • 2 CPD Credit of Financial Reporting for Certified Financial Forensics (CFF)
  • 2 CPE Credit of Accounting for Certified Fraud Examiner (CFE)
  • 2 CPE Credit for Certified Government Financial Manager (CGFM)
  • 2 CPE Credit of Financial accounting for Certified Valuation Analyst (CVA)
  • 2 PL Credit for Chartered Financial Analyst (CFA)
  • 2 PL Credit for Certificate In Investment Performance Measurement (CIPM)
  • 2 CPE Credit of Financial accounting for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
  • 2 CRE Credit for Certified Corporate FP&A Professional (FPAC)

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Presenter

About Presenter

Kenneth Heaslip

Director, Cullari Carrico, LLC

Kenneth Heaslip, MS, MBA, CPA, CGMA, licensed as a CPA in New Jersey, has extensive experience teaching all levels of accounting, auditing, and in other practice-related areas. He is an active member of the New Jersey Society of CPAs where he has served as Vice President, Trustee, Chapter President, Committee Chair and Task Force Chair. Kenn currently serves on the NJCPA Professional Conduct Committee and is a Director at Cullari Carrico LLC, a regional CPA firm in Northern New Jersey.

Kenn has been a Professor of Accounting at several universities including Seton Hall where he was the students’ choice as “Educator of the Year” two years in a row, and in the Executive MBA programs of Rutgers University and Stevens Institute.  He was recently a visiting professor at Mercy College. He previously was the National Director of the Becker CPA Review in charge of all course materials and instruction.

Kenn earned his B.A. from Rutgers University and has an MS in Taxation and MBA in Finance from Seton Hall University.

About Company

Cullari Carrico, LLC

www.cullaricarrico.com

Cullari Carrico, LLC is a well-established quality certified public accounting firm. For decades, our partners have offered a fully diversified range of services and expertise to both business and individual clients.

Our firm provides complete tax, accounting, auditing, management and personal consulting services to a wide range of businesses as well as individual clients. We have concentrated knowledge in numerous areas including real estate management and construction, manufacturing and wholesale distribution, private schools for students with disabilities, medical and health care, veterinary, non profits, hospitality and various other service industries. In addition, we also provide advisory services.

We are proud to have received the highest possible ranking from the Peer Review Program of the American Institute of Certified Public Accountants. This places our firm amongst the leaders of our industry. Our dedicated professional staff are at your service to address all your business and personal tax needs.

In the September 2020 issue of Accounting Today, Cullari Carrico, LLC was named as, “2020 Best Accounting Firms to Work For.”

Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
  • Polling feature Not supported: If you are logging in through browser or web portal in the browser (zoom.us) it doesn’t support the polling feature. Please be advised the current polling feature can only be supported via Zoom desktop and mobile app. You can check the same here : https://support.zoom.us/hc/en-us/articles/203749865-Polling-for-webinars
  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
  • If you still face the polling problem please don’t panic and provide your response in the chat and we shall consider the same for processing for credits. You can download Zoom by clicking on the mentioned link : https://zoom.us/download
  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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