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: May 18, 2022
11 Reviews (82 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.
3
Anonymous Author
The course was a decent overview of recent changes to GAAP. No one is an expert in all areas of GAAP, and that showed in a few instances, such as when the instructor mistakenly assumed that franchise taxes are taxes on businesses involved in franchising.
5
Member's Profile
The course was perfect. I am still getting to know US GAAP as I have always worked with IFRS, but this course was great and insightful.
5
Anonymous Author
Good update over accounting changes. Surprised to see pensions covered because they're so uncommon.
4
Anonymous Author
THANK GOD FOR THE JOKES. A LOT OF SMALL CHANGES TO GO OVER IN VARYING TOPICS. MY HEAD HURTS.
5
Anonymous Author
This instructor is very good and provides a lot of detail. It was a great overview.
1
Member's Profile
Test is way too complicated and does not match slides. And class is boring.
5
Member's Profile
Very detailed. Very clearly presented. Very good presentation
4
Anonymous Author
Great course presented well and full of relevant details.
5
Anonymous Author
I enjoyed the course, and I found it very informative.
1
Anonymous Author
The content is not that related to the final exam.
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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 .
Instructor for this course
  Course Overview CPE
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to 2021 US GAAP Update0:48
  Leases16:22
  Lease Modifications and Other Lease Matters19:29
  Goodwill Impairment6:04
  Effective for Nonpublic Entities in FY 202116:49
  Effective for Nonpublic Entities in FY 2022 or Thereafter-Part 118:34
  Effective for Nonpublic Entities in FY 2022 or Thereafter-Part 211:28
  Effective for Nonpublic Entities in FY 2022 or Thereafter-Part 310:30
Continuous Play
  2021 U.S. GAAP Update for Public and Nonpublic Business Entities1:40:04
Supporting Material
  Slides: 2021 U.S. GAAP Update for Public and Nonpublic Business EntitiesPDF
  2021 U.S. GAAP Update for Public and Nonpublic Business Entities Glossary/IndexPDF
Review And Test
  REVIEW QUESTIONSquiz
 FINAL EXAMexam