GAAP Update 2024

Overview

This course will cover all pronouncements of the FASB relevant to nonpublic entities. It will be presented in two distinct sections: First, we will identify all Accounting Standards Updates (ASUs) issued by the FASB in 2023 and 2024, as well as those ASUs issued in prior years that become effective in 2024. For each pronouncement, we will identify the topic or topics affected, the most significant provisions, how the provisions affect financial reporting and disclosure, and, when possible, the reasons for the change. This will enable those associated with the GAAP financial statements of nonpublic entities to determine which pronouncements affect them or their clients, requiring further research. In the second segment, we will look at the most common financial statement elements that have changed in recent years. It will include an in-depth analysis that will demonstrate how these elements have traditionally been accounted for and how they have evolved, concluding with the current requirements for reporting and disclosing.

Highlights

• Business combinations and consolidations • Lease accounting • Financial instruments - credit losses (CECL) • Intangibles, including goodwill • Fair value

Prerequisites

Knowledge of GAAP and awareness of the FASB Accounting Standards Codification.

Designed For

CPAs, auditors, and financial professionals working with nonpublic entities.

Objectives

• Identify relevant areas of accounting that have changed in recent years • Determine when changes are not likely to affect financial statements, allowing for simplified approaches materially • Understand the nature of significant changes and identify trends • Improve the presentation and content of financial statements and disclosures

Preparation

None