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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 2020 or thereafter related to public and/or non-public business entities.

Topics covered include stock-based compensation, derivatives and hedging, leases, goodwill impairment, fair value disclosures, internal use software, and variable interest entities.

Learning Objectives

  • Discover highlights of recently-issued ASU’s, focusing on changes with open effective dates for 2020 or thereafter related to public and/or non-public entities, such as:
    • Impairment of goodwill.
    • Hedge accounting.
    • Capitalizing internal-use software costs, and more.
  • Explore where financial statement preparers should focus the most time and attention when preparing 2020 interim and annual financial statements, such as:
    • Clarifying how to account for stock-based compensation for non-employees.
    • Changes in fair value disclosures, variable interest entity accounting, 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 leases and financial instrument credit losses.
Last updated/reviewed: November 13, 2020

11 Reviews (50 ratings)Reviews

1
Member's Profile
Terrible. The exam had no relation whatsoever to the course material. It was as if an exam from a GAAP update from a few years ago was mistakenly included here. This exam addressed old topics including a superseded standard. I had to go spend a lot of time researching every single question, and I should have just abandoned this altogether, but after having spent over an hour listening to lectures, I felt too deep in it to do that.
3
Member's Profile
Test was awful. Many of the topics weren't covered in the material and I had to go to the FASB site to research. -Restricted cast instead of cash? Despite the typo, this topic was not covered in the material. Speaker was good in discussing the topics, but the final exam didn't reflect the material presented well.
5
Anonymous Author
This course does a fantastic job of giving a high level overview of the major changes in accounting standards in the recent years. This helps identify areas where processes will need to be changed to make sure that the data needed to comply with the new standards is being tracked appropriately.
3
Member's Profile
I enjoyed the class. I would have liked more examples as new guidance was explained. My biggest complaint is that the final exam included questions on items not covered in this discussion. Very frustrating.
2
Member's Profile
Some of the questions in the review and exam appeared to relate to topics other than topics discussed in the course. Some of the discussion was hard to follow,
2
Anonymous Author
The course was informative but did not support all of the questions asked in the review questions and final exam.
2
Member's Profile
There is a serious disconnect between the materials and the final exam. This needs serious editing.
5
Anonymous Author
Good update over accounting changes. Surprised to see pensions covered because they're so uncommon.
4
Member's Profile
some topics on the test and quiz were not covered in the material. This is very frustrating.
5
Member's Profile
Very detailed. Very clearly presented. Very good presentation
1
Anonymous Author
The content is not that related to the final exam.

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 .

1 QuestionCourse Questions and Answers

Member's Profile

Hi, would you have a look at the exam that accompanies this course? It looks like the exam is from a GAAP update from 2 or 3 years ago because none of the questions are related to the course material at all, and at least one of the questions pertains to a standard that was superseded at least a year ago. It cost me a lot of wasted time trying to research every one of these questions externally because they were the wrong questions for the material, but I didn't want to lose credit for the time I spent listening to the lectures.

Course Syllabus
Introduction And Overview
  1:06Introduction to 2020 U.S. GAAP Update for Public and Non-Public Business Entities
  4:18Stock-Based Compensation For Non-Employees
  14:19Derivatives and Hedging
  8:17Leases
  9:05Goodwill Impairment
  7:17Fair Value Disclosures
  8:45Internal Use Software
  4:13Variable Interest Entities
Continuous Play
  57:202020 U.S. GAAP Update for Public and Non-Public Business Entities
Supporting Material
  PDFSlides: 2020 U.S. GAAP Update for Public and Non-Public Business Entities
  PDF2020 U.S. GAAP Update for Public and Non-Public Business Entities Glossary/Index
Review And Test
  quizREVIEW QUESTIONS
 examFINAL EXAM