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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 2021 or thereafter related to public and/or nonpublic business entities.

Learning Objectives

  • Discuss highlights of recently-issued ASU’s, focusing on changes with open effective dates for 2021 or thereafter related to public and/or nonpublic entities, such as:
    • Lease accounting
    • Goodwill impairment accounting
  • Explain where financial statement preparers should focus the most time and attention when preparing 2021 interim and annual financial statements, such as:
    • Simplifications to derivative and hedge accounting
    • Capitalizing internal use software costs, and more
  • Describe the most significant accounting and financial reporting changes with future effective dates that business entities should be preparing for now, such as:
    • Financial instrument credit loss reporting
    • Income tax accounting and disclosures
    • Accounting for certain convertible instruments and contracts in own equity, and more
Last updated/reviewed: September 11, 2021

4 Reviews (52 ratings)Reviews

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.
5
Anonymous Author
Good update over accounting changes. Surprised to see pensions covered because they're so uncommon.
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 .
Course Syllabus
INTRODUCTION AND OVERVIEW
  0:48Introduction to 2021 US GAAP Update
  16:22Leases
  19:29Lease Modifications and Other Lease Matters
  6:04Goodwill Impairment
  16:49Effective for Nonpublic Entities in FY 2021
  18:34Effective for Nonpublic Entities in FY 2022 or Thereafter-Part 1
  11:28Effective for Nonpublic Entities in FY 2022 or Thereafter-Part 2
  10:30Effective for Nonpublic Entities in FY 2022 or Thereafter-Part 3
Continuous Play
  1:40:042021 U.S. GAAP Update for Public and Nonpublic Business Entities
Supporting Material
  PDFSlides: 2021 U.S. GAAP Update for Public and Nonpublic Business Entities
  PDF2021 U.S. GAAP Update for Public and Nonpublic Business Entities Glossary/Index
Review And Test
  quizREVIEW QUESTIONS
 examFINAL EXAM