The world of professional accounting in the United States is changing forever. While most financial managers and CPAs are aware of the potential incorporation of International Financial Reporting Standards into U.S. GAAP, many are not sensitive to the potential changes resulting from FASB’s convergence project and the impact of changes in accounting standards for non-public companies from the FASB and the AICPA. These three elements—adoption, convergence and FASB and AICPA private company reporting—come together to form Accounting’s Perfect Storm. The changing climate will mandate monumental changes in reporting, operations and financial systems. You cannot afford to miss this entertaining and interactive course.
The elements of the storm and their current status. The impact of IFRS adoption. The major convergence issues. An overview of the elephant in the room—reformatted financial statements. Exercise: Generating management’s interest in the change in climate. Alternatives for private company reporting. Exercise: Selecting the right basis of accounting for your company or client 10 business issues driven by the storm. 10 action items for you to take today in preparation for the storm, Exercise: Preparing key stakeholders for the storm.
Knowledge of current events in the financial reporting field.
CPAs in practice and Members in Industry
Explore the elements of the Perfect Storm. Develop an appreciation for the adoption impact. Learn how the convergence project will change your basic financial reporting model. Discover the potential alternatives for private company reporting. Identify the critical operations issues driven by the storm. Identify 10 action items for you to take today as you prepare for the stormy weather.
William O’Brien is a Lecturer in the Accounting and Finance Department at San Jose State University. He received his B.S. in economics from Santa Clara University (1970) and his M.B.A. from Pepperdine University (1979). He is a CPA licensed in California and a member of the American Institute of CPA’s and the California Society of CPA’s. Prior to joining the Santa Clara faculty in 1992, he spent over twenty years in public accounting and in various corporate and entrepreneurial settings in the dynamic Silicon Valley region of Northern California.
Mr. O’Brien is an internationally recognized consultant, author and lecturer in the fields of corporate planning, financial management, financial statement analysis and performance measurement. He has been a frequent speaker at professional seminars since 1979 and in 1994 was awarded the “Instructor Excellence” Award by the California CPA Education Foundation.
Active in the San Jose State University community, Mr. O’Brien is a co-chair of the Silicon Valley Financial Management Institute. He has also served on the boards of numerous private organizations in Santa Clara County.
Non-Member Price $159.00
Member Price $129.00