Surgent's Annual FASB Update and Review

Overview

This course provides a detailed discussion on the key topics related to financial reporting, though in a summarized format. The course will focus on recent ASUs issued by the FASB with a concentration on issues of greatest significance to most accounting practitioners, with the greatest emphasis on those ASUs effective in 2024 and 2025. Specifically, the course will review recently issued FASB standards on disaggregated expenses, cryptocurrency (e.g., crypto assets), and the final stages of the ASC 606 post-implementation review (PIR) report findings and other hot-button accounting issues, such as what is on the FASB’s technical agenda. Lastly, we will provide an overview of non-GAAP financial measures disclosed by companies and review the current SEC and IFRS guidance over such measures and their disclosure.

This course is the place to go for a succinct but thorough update on the big topics impacting financial accounting and reporting. </br>

Prerequisites

Experience in financial accounting and reporting

Objectives

• Be aware of recent private company standard setting activities
• Review the latest FASB Accounting Standards Updates (ASUs)
• Understand the recently implemented lease accounting guidance found in Topic 842, Leases
• Recall key provisions of recently issued FASB Updates
• Recall common non-GAAP financial measures and requirements surrounding their disclosure
• Understand the key provisions and updates to Topic 606, Revenue from Contracts with Customers and the results of the final stage of the FASB's PIR process, including its final report on the topic

Highlights

• Private company standard setting activities
• Recent FASB Accounting Standards Updates (ASUs), including those addressing crypto assets (i.e., cryptocurrency
• Non-GAAP financial measures
• ASC 606, Revenue from Contracts with Customers
• ASC 606 final PIR report findings