US GAAP Update
The FASB (Financial Accounting standards Board in the US) have recently issued proposed standards on financial instruments relating to classification and measurements, hedging and impairment using an expected credit loss model and the new standard on revenue from contracts with customers is to be applied from 2018 for December year-end companied.
Exposure drafts on leasing and financial instruments are being finalized. During this course, we will update participants on these changes by giving a short guide on the rules as they exist today for leasing and what has happened to date under financial instruments and then discuss the expected changes that may affect your business. The FASB have also embarked on a project to simplify some aspects of US GAAP. We will go through some of the proivisions relating to this project.
Objectives:
The purpose of this one-day programme is to guide participants through newly issued standards such as ASC 606 on revenue from contracts with customers and through the FASB work programme of expected future standards and help in deciding how they impact on your business.
The course is designed to have:
- Comprehensive course materials
- Based on real-life illustrations
- Question and answer sessions
- Full solutions provided to all case studies
- ASC 606: Revenue from Contracts with Customers
The existing rules on revenue recognition under US GAAP are based on multiple sources with a myriad of industry-specific guidance. The new standard is principles based which could cause significant changes for US GAAP preparers. We will go through the new standard as to what guidance will be provided in future.
- The 5-step model for revenue recognition
- Identifying the contract and combining contracts
- The performance obligation (PO) approach – identifying and satisfying the PO over time and at a point in time
- Financial Instruments
- Leasing
- Simplification project
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- Valuation of inventories and classification of taxes
- Business combinations and the measurement date requirements
- Loan issue costs
- Oher issues as they arise
- Recent FASB and SEC Developments
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- An update on guidance changes forthcoming under SEC rules or as issued by the FASB
Brian Connolly - Brian has been providing ACCA exam preparation training courses since 1996. He is also the author of many training programmes, including a 12-day programme on IFRS. Since 2001, he has been a trainer of courses on US GAAP.
