Kursy i szkolenia dla firm - Ernst & Young Academy of Business

US GAAP Aktualizacja - US GAAP Update - szkolenie w języku angielskim

Currently no open courses are scheduled.
Contact us about organising this course in-house!
See also our US GAAP e-learning packages, including US GAAP ASC 842


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 programme is designed to have

  • Comprehensive course materials
  • Based on real-life illustrations
  • Question and answer sessions
  • Full solutions provided to all case studies
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 FASN have also embarked on a project to simplify some aspect of US GAAP. We will go through some of the proivisions relating to this project. 


  • 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
Allocation of the transaction price to performance obligations on contracts with multiple deliverables and what is changing from existing US GAAP

The significant disclosure requirements of ASC 606  

Implementation and transition issues

  • Financial Instruments
The expected changes in US GAAP relating to classification and measurement, and hedging and the new impairment model 

  • Leasing
A major criticism of the current accounting regulation of leasing is that it is possible to engage in off-balance sheet financing with operating leases. We will go through the new accounting landscape for leases with examples and discuss why off-balance sheet financing will become more difficult and compare the new exposure draft with the existing rules under US GAAP. 

  • Simplification project
    • 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
    • An update on guidance changes forthcoming under SEC rules or as issued by the FASB

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