Changes to GAAP Affecting Non-Public Entities - An Overview of Recent Pronouncements & Criteria for Determining When (and If) They Should Be

Thursday, April 30 8:30am - 4:30pm

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8 Credits

Member Price $245.00

Non-Member Price $375.00

Overview

GAAP seems to be changing at a very rapid pace and many of the changes are directed at transactions and circumstances that may be common to public and very large nonpublic entities. They are not common to most nonpublic entities and, in certain circumstances, may not be adopted if the effects are insignificant. Many changes, however, do affect many, or all, entities and the CPA providing financial statement services to nonpublic clients runs the risk of assuming a new pronouncement is not applicable when it is. Such an omission may ultimately be immaterial but, if it was not even considered and the fact that it was not material is not documented in the accountant’s engagement documentation, it will likely be considered as departure and the materiality aspect often becomes irrelevant. This course is designed to acquaint, or remind, CPAs providing accounting and financial statement services for nonpublic entities with all recent pronouncements of the FASB and the context in which they were issued. Pronouncements from the beginning of 2016 (ASU 2016-01) through the most recent pronouncements in 2019 up to the date on which the course materials are ready for publication. The recent standards for recognizing revenue from contracts with customers, accounting for leases, and financial instruments will also be addressed.

Highlights

Revenue recognition, leases, and financial instruments. Accounting for cloud computing arrangements. Accounting and reporting by not-for-profit entities. Accounting for receivables. Statement of cash flows. Derivatives and hedging.

Prerequisites

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

Designed For

CPAs who have responsibility for one or more entity’s financial statements presented in conformity with GAAP. It is applicable to internal accountants with financial reporting responsibility, accountants accepting bookkeeping engagements and engagements t

Objectives

This course is designed to enable you to identify all changes with which you should be familiar. Moreover, it allows you to evaluate: Whether a specific pronouncement is likely to have a material effect on the firm’s clients. What portions, if any, are applicable requiring the firm and its staff to obtain an appropriate understanding. How applicable portions will affect an entity’s accounting and financial reporting. How to document a decision not to adopt some or all requirements of a pronouncement due to a lack of materiality.

Preparation

None.

Notice

None.

Leader(s):

Leaders

Mark Dauberman

Mark E. Dauberman, CPA, EMBA Mark Dauberman Seminars/Upland, CA Mark Currently provides CPE and technical staff training for CPA firms, private industry employers of accountants, and government organizations on topics that include fraud, internal and external auditing, developing internal controls, strategic planning, and practice management. Mark’s public accounting experience includes working with various local firms throughout high school and college, and employment with Kenneth Leventhal & Company. More recently, he was a partner at NSBN, a Beverly Hills CPA and business consulting firm, where he served as director of the audit practice and was responsible for recruiting, training, business development, quality control, and strategic planning for the firm. Mark’s industry experience includes serving as assistant controller of a large trucking and warehousing firm. He has been both a controller and the Vice President of Finance and Administration for major real estate development companies. Mark also spent nearly 30 years as an entrepreneur, operating a business that prepared individuals for the CPA exam. Mark taught his first university accounting class in 1969 and has been involved in accounting education since and is currently a visiting lecturer at the University of Redlands. Mark is also a keynote motivational speaker providing his insights on fraud, dealing with competition, entrepreneurship, goal setting, time management, dealing with stress, coping with crisis, and ethics. Mark obtained his bachelors degree in accounting from California State University at Northridge. He obtained his Executive MBA at the Peter Drucker and Masatoshi Ito School of Management at Claremont Graduate University, where he previously had been a student of Dr. Drucker’s.

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Non-Member Price $375.00

Member Price $245.00