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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 nonpublic business entities.

Learning Objectives

  • Discuss highlights of recently-issued ASU’s, focusing on changes with open effective dates for 2020 or thereafter related to nonpublic entities, such as:
    • Goodwill impairment
    • Capitalizing certain internal use software costs, and more
  • Explain where financial statement preparers should focus the most time and attention when preparing 2018 interim and annual financial statements, such as:
    • Financial instruments
    • Fair value measurement disclosures
    • Stock-based compensation for nonemployees, 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 leases.
Last updated/reviewed: June 08, 2020

1 Review (8 ratings)Reviews

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Member's Profile
Exam includes questions for topics not covered! Great presentation and summary of the material. Speaker speaks a little fast so had to rewind several times to listen to the content a second time. My biggest complaint is that the presentation does not match with the exam questions. The PDF file of the slides does not match the presentation. I had to search for answers to some questions in the slides to find the answers.

Prerequisites

Course Complexity: Foundational

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
  1:08Introduction to Recently Issued GAAP Relevant to Small or Mid-Size Private Companies
  12:32Private Company Council Influenced U.S. GAAP
  2:37New Financial Statement Concepts
  4:36Stock-Based Compensation for Non-Employees
  6:30Fair Value Disclosures
  15:19Financial Instruments
  10:28Leases
  2:46Internal Use Software
  5:17Goodwill Impairment
Continuous Play
  1:01:12Recently Issued GAAP Relevant to Small or Mid-Size Private Companies
Supporting Materials
  PDFSlides: Recently Issued GAAP Relevant to Small or Mid-Size Private Companies.
  PDFRecently Issued GAAP Relevant to Small or Mid-Size Private Companies Glossary/Index.
Review And Test
  quizREVIEW QUESTIONS
 examFINAL EXAM