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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 20, 2019
22 Reviews (107 ratings)Reviews
Anonymous
(CPA, CFE, CGMA)
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.
Shaila Shankar
( at Minted)
CPAs and public accountants looking to update their knowledge of new accounting standards in effect would find this course useful, as well as those who are involved in preparing an entity's financial statements and footnotes.
Anonymous
(Senior Accountant)
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.
Anonymous
(Consultant)
Great overview of GAAP update for 2017 and beyond. The instructor was effective in explaining the various changes in plain English.
Julie Hammeras CPA
(Director,Finance (West Region) at Liberty Utilities)
Well organized - it's a lot of information, but the presenter boiled it down to the important highlights very well.
Anonymous
(Consultant)
For revenue recognition, the Final Exam references ASC 606; slides reference ASU 2014-09. Please be consistent.
Anonymous
(Program Manager - Net Revenue)
Great summary of major topics - enough details to make the information relevant without bogging down in details
Chamberlin Chamberlin
(Corporate Controller at NTS)
Acceptable for a general quick overview, but not useful to assist in implementation of any of the concepts.
Anonymous
(Accountant II)
What you would expect for a foundation level course. The questions proved to be a nice refresher.
Lilian Dendrinos
(consultant at DLC Group)
Great summary of Accounting Standard changes. I plan to print the presentation as a handy guide.
Anonymous
(Board Member)
Not an easy task to get all this information summarized--good job and very helpful.
Stephanie Pan
(Tax Associate at NFP)
Great overview for the many changes coming to GAAP in the limited amount of time.
Joyce Holiday
(Consultant at DLC)
Instruction is clear and concise with the details. It was a good overview.
Jennifer Bor
(Sole Practitioner at Accounting and Business Management Consu..)
good enough for me to get my cpes for my cia and cpa licenses
Halina Kovel
(Sr Revenue Accountant at Yelp)
Very thorough and useful explanation of latest ASU updates.
Simon Adell
(Chief Financial Officer at Undisclosed)
Very cursos and extensive. Well organized and presented.
Anonymous
(Senior Accountant)
A lot covered in a short period of time, which I like!
Cecelia Moore
(Chief Financial Officer at Vanderbilt University Medical Center)
Great summary and overview. Very helpful slides.
James Gately
(CPA at Self-employed)
Slides do not reflect full of presentation.
Anonymous
(-)
Good overview of many new developments.
Anonymous
(None)
Useful information.
Anonymous
(NA)
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 .