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New Accounting Standards Updates (ASUs) related to U.S. GAAP are issued on a perpetual basis. It can be time-consuming and confusing to keep up-to-date on the resulting impact on financial statements and disclosures. This course provides an executive summary of U.S. GAAP updates with open effective dates for 2018 or thereafter related to public and nonpublic business entities.  

Learning Objectives

  • Discover highlights of recently-issued ASU’s, focusing on changes with open effective dates for 2018 or thereafter related to nonpublic entities, such as:
    • Clarifications in statement of cash flow presentation
    • Alterations in classifying deferred tax assets and liabilities, and more
  • Explore where financial statement preparers should focus the most time and attention when preparing 2018 interim and annual financial statements, such as: 
    • Clarifying the concept of materiality and useful disclosures
    • Reporting of pension costs
    • Defining a business versus a group of assets, and more 
  • Identify the most significant accounting and financial reporting changes with future effective dates that business entities should be preparing for now, such as revenue recognition, leases, and financial instruments  
Last updated/reviewed: November 9, 2018

19 Reviews (84 ratings)Reviews

3
Anonymous Author
GAAP update is always a very convoluted and abstract subject to be cramped into a 1.5 hr course without making it impossible for the practitioners to visualize the updated concept. Am I the only one who wishes that they could just stop updating GAAP like Miscrosoft updates Windows? I doubt these frequent GAAP updates are going to make the average investors make better investment decisions.
4
Anonymous Author
I feel this course would be of more benefit if it were broken down into 2 1 hr sessions. This was a lot of material to absorb in an hour and a half.
5
Anonymous Author
Great overview of GAAP update for 2017 and beyond. The instructor was effective in explaining the various changes in plain English.
5
Member's Profile
Well organized - it's a lot of information, but the presenter boiled it down to the important highlights very well.
4
Anonymous Author
For revenue recognition, the Final Exam references ASC 606; slides reference ASU 2014-09. Please be consistent.
3
Member's Profile
Acceptable for a general quick overview, but not useful to assist in implementation of any of the concepts.
5
Member's Profile
Great summary of Accounting Standard changes. I plan to print the presentation as a handy guide.
5
Anonymous Author
Not an easy task to get all this information summarized--good job and very helpful.
5
Member's Profile
Great overview for the many changes coming to GAAP in the limited amount of time.
5
Member's Profile
Instruction is clear and concise with the details. It was a good overview.
4
Member's Profile
good enough for me to get my cpes for my cia and cpa licenses
5
Member's Profile
Very thorough and useful explanation of latest ASU updates.
5
Member's Profile
Very cursos and extensive. Well organized and presented.
4
Anonymous Author
A lot covered in a short period of time, which I like!
5
Member's Profile
Great summary and overview. Very helpful slides.
4
Member's Profile
Slides do not reflect full of presentation.
4
Anonymous Author
Good overview of many new developments.
5
Anonymous Author
Useful information.
5
Anonymous Author
Very informative

Prerequisites

Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  1:02Introduction to 2018 U.S. GAAP Update for Public and Nonpublic Business Entities
  9:11New Financial Statement Concepts
  4:21Codification Improvements
  21:45Effective For Nonpublic Entities in FY 2019 Or After
  7:23Revenue Recognition
  9:04Leases
  6:30Financial Instruments
  5:54Fair Value Disclosures
CONTINUOUS PLAY
  1:05:102018 U.S. GAAP Update for Public and Nonpublic Business Entities Full Video
SUPPORTING MATERIALS
  PDFSlides: 2018 U.S. GAAP Update for Public and Nonpublic Business Entities
  PDF2018 U.S. GAAP Update for Public and Nonpublic Business Entities Glossary/Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM