Annual Accounting and Financial Reporting Update - 2024

Learning Objectives

• Recall “plain language” explanations of current and emerging U.S. GAAP requirements.
• List recent accounting standards activity highlights – Through ASU 2023-09.
• Identify “hot topics” in accounting and financial reporting.
• Explain why significant new FASB accounting standards were released and what their most significant impact was.

Course Description

Dive into recent regulatory changes affecting financial reporting and learn to navigate them effectively. Gain practical insights into accounting standards, including debt securities, goodwill impairment, business combinations, and crypto assets. The new changes include modifying existing sections, introducing fresh topics, and sometimes eliminating older ones.

This CPE Course will explore targeted changes to the other-than-temporary impairment (OTTI) model and understand their implications for debt securities. We will simplify goodwill impairment testing and learn to apply practical expedients in business combination accounting. We will also discover the impact of ASU 2021-08 on revenue contract recognition and ASU 2020-06 on reporting convertible instruments.

Uncover the complexities of reporting crypto assets under ASU 2023-08 and stay informed about their fair value measurement. Engage in interactive discussions and case studies to reinforce your understanding of key concepts. 

Topics Covered:

• OTTI Model Changes
• Goodwill Impairment Simplifications
• Practical Expedients in Business Combinations
• Revenue Contract Recognition
• Reporting Convertible Instruments
• Reporting Crypto Assets

Join this CPE Course with the latest accounting updates, empowering your professional growth and success in the ever-evolving financial landscape!

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Overview

• Applicability of Accounting Standards Codification (ASC) topic 326

  3 mins
• Common applicability

  19 mins
• Estimates represent lifetime expected credit losses

  40 mins
• Presentation on statement of financial position

  60 mins
• Line of credit disclosures

  85 mins
• Legally enforceable considerations – Rights to terminate

  109 mins
• Required disclosures - Interim and Annual period

  143 mins
• Eight specific categories for public business entities

  161 mins
• Cybersecurity incident defined

  190 mins