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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 will provide an executive summary of U.S. GAAP updates with open effective dates for 2018 or thereafter related non-public business entities.

Course Series

This course is included in the following series:

7 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
  7. Recently Issued GAAP Relevant to Small- or Mid-Size Private Companies – An Auditor’s Perspective on What Merits the Most Attention

Learning Objectives

  • Discover highlights of recently-issued ASU’s, focusing on changes with open effective dates for 2018 or thereafter related to nonpublic entities, such as:
    • Clarifications in statement of cash flow presentation
    • Alterations in classifying deferred tax assets and liabilities, and more
  • Explore where financial statement preparers should focus the most time and attention when preparing 2018 interim and annual financial statements, such as: 
    • Clarifying the concept of materiality and useful disclosures
    • Reporting of pension costs
    • Defining a business versus a group of assets, 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 revenue recognition, leases, and financial instruments  
Last updated/reviewed: October 27, 2018

8 Reviews (45 ratings)Reviews

4
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.
5
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.
3
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.
4
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
4
Anonymous Author
Good presentation. There is so much detailed and specific information that additional slides would have been helpful.
5
Anonymous Author
A lot of information. Very detailed.
4
Anonymous Author
Good presentation skills
4
Anonymous Author
Good summary of changes.

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
  1:47Introduction to Recently Issued GAAP Relevant to Small or Mid-Size Private Companies
  6:51Private Company Council Influenced US GAAP
  3:26New Financial Statement Concepts
  5:44Effective For Nonpublic Entities in FY 2018
  4:19Codification Improvements
  21:33Effective For Nonpublic Entities in FY 2019 or After
  7:23Revenue Recognition
  9:14Leases
  6:39Financial Instruments
  1:40Fair Value Disclosures
  4:17Goodwill Impairment
Continuous Play
  1:12:52Recently Issued GAAP Relevant to Small- or Mid-Size Private Companies Full Video
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