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****This course is being updated and will be available shortly****

New Accounting Standards Updates (ASUs) related to U.S. Generally Accepted Accounting Principles (GAAP) are issued on a regular basis. It can be time-consuming and confusing to keep up-to-date on the resulting impact on financial statements and disclosures, especially when many changes relate primarily to public business entities, larger companies, or specific industries.

This course focuses on explaining the most significant U.S. GAAP updates that are most relevant to small- and medium-size private entities.

Course Series

This course is included in the following series:

6 CoursesAn Auditor's Perspective on...

  1. Preparing Financial Statements – An Auditor’s Perspective on What Matters Most
  2. Independence Rules for CPA’s – An Auditor’s Perspective on Significant AICPA, Public Company, Governmental, and International Differences
  3. Designing and Performing Sampling Plans – An Auditor’s Perspective on Monitoring Internal Controls, Compliance, and the Reasonableness of Account Balances
  4. FASB ASC Section 205-40: Going Concern Uncertainty – An Auditor’s Perspective
  5. FASB ASC Topic 470: Debt – An Auditor’s Perspective on Common Balance Sheet Classification Issues
  6. FASB ASC Topic 820 Fair Value – An Auditor’s Perspective on Determining Fair Value of Non-Readily Marketable Investments

Learning Objectives

  • Identify the important accounting policy elections to consider related to Private Company Council (PCC) U.S. Generally Accepted Accounting Principles (GAAP) alternatives available to nonpublic entities
  • Discover the highlights of recently-issued Accounting Standards Updates (ASUs), focusing on the changes most relevant to small- and medium-sized nonpublic business entities
  • Explore where financial statement preparers should focus the most time and attention in the near term 
Last updated/reviewed: November 10, 2016

8 Reviews (41 ratings)Reviews

Anonymous Author
I enjoy this instructors presentations. I think because of the volume of information packed into this presentation sometimes the explanations were not clear. Otherwise this was a great way to get an overview of the ASU's that will be affecting small to midsized entities.
Member's Profile
Good overview of ASU's and how they might affect nonpublic companies. Instructor is a good speaker and has good slides that make retention easier.
Anonymous Author
The slides are too packed with abstract theories and text heavy to make it easy for the learners to grasp the critical application.
Member's Profile
Good update for sure but some of the items could use more explanatory detail with regards to journaling items onto balance sheet
Anonymous Author
Good presentation. There is so much detailed and specific information that additional slides would have been helpful.
Anonymous Author
A lot of information. Very detailed.
Anonymous Author
Good presentation skills
Anonymous Author
Good summary of changes.


Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course. 

Education Provider Information

Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
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
  2:25Introduction to Recently Issued GAAP Relevant to Small or Mid-Size Private Companies
Recently Issued GAAP
  7:58Private Company Council Influenced US GAAP
  8:03ASU 2014-18, 03, and 07
  2:03Business Combinations
Effective for Nonpublic Entities 2016 and Beyond
  11:15Effective for Nonpublic Entities in FY 2016
  6:02Going Concern Disclosure
  9:15Effective for Nonpublic Entities in FY 2017
  3:47Effective for Nonpublic Entities in FY 2018
  1:59Effective for Nonpublic Entities in FY 2019 or After
Other Changes
  5:26Revenue Recognition
  4:57Financial Instruments
Continuous Play
  1:07:14Recently Issued GAAP Relevant to Small- or Mid-Size Private Companies
  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