Annual FASB Update and Review - Connecticut Society of CPAs

Overview

This course provides a detailed discussion on the key topics related to financial reporting, though in a summarized format. The course will focus on recent ASUs issued by the FASB with a concentration on issues of greatest significance to most accounting practitioners, including recently released ASUs. Specifically, the course will review recently issued FASB standards on leases and provide an update on ASC 842 and ASC 326 post-implementation items and other hot button accounting issues, such as what is on the FASB’s technical agenda. This course is the place to go for a succinct but thorough update on the big topics impacting financial accounting and reporting.

Objectives

Be aware of recent private company standard setting activities

Review the latest FASB Accounting Standards Updates (ASUs)

Understand the recently implemented lease accounting guidance found in Topic 842, Leases

Recall key provisions of recently issued FASB Updates

Understand the key provisions and updates to Topic 326, Current and Expected Credit Losses (CECL)

Highlights

Private company standard setting activities

Recent FASB Accounting Standards Updates (ASUs), including those addressing crypto assets (i.e., cryptocurrency)

Topic 842, Leases

ASC 326: CECL

Designed For

Practicing CPAs and their staffs, both in public accounting and business and industry, as well as controllers, accountants, and other financial accounting personnel involved in financial statement preparation and review

Prerequisites

Experience in financial accounting and reporting

Preparation

None

Notice

By registering for this program and, accordingly, receiving the eMaterials, you’re acknowledging that you understand both the copyright restrictions on your eMaterials and the CTCPA cancellation policy.

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Thomas Sheets

Leader Bios

Thomas Sheets

Thomas M. Sheets, CPA Tom Sheets is a Certified Public Accountant with over 35 years’ experience in auditing and tax return preparation for businesses and individuals. He established his own consulting, tax, and accounting practice 19 years ago in Enid, Oklahoma. He provides consulting, auditing, and tax planning and preparation services for a wide variety of individual clients and industries. Mr. Sheets started with a Big Eight accounting firm in Tulsa, Oklahoma and then was with a large, local CPA firm in Enid, Oklahoma for 15 years. He has written and led seminars for leading providers of CPE for over 29 years on various topics including real estate accounting, construction accounting and tax, fraud, bank auditing, tax issues for nonprofit organizations, compilation and review, cash and tax basis financial statements, and nonprofit accounting and auditing.

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