2021 GAAP Update
Author: Lewis R. Fisher
||2 hours for CPAs
We will walk through the updates to US GAAP impacting the 2021 calendar year end reporting period This session will be unique as we look sequentially at the accounting standard updates versus a topical approach. We will walk through pronouncements issued over the past few years, which will now have an impact on reporting, this comprehensive discussion will ensure you are alert to changes that could impact your reporting. Discussion will be given to existing standards originating from the FASB’s Private Company Council and how these can streamline reporting requirements. Finally, COVID related impacts to reporting will be discussed with a focus on how the accountant can best integrate these changes.
Publication Date: October 2021
Anyone with financial reporting responsibilities and those in public accounting serving clients who utilize US GAAP.
- Relevant accounting standards affecting 2021 calendar year end financial statements
- COVID related changes to key accounting matters
- Implementation considerations of revenue recognition and lease standards
- Private Company Council standards and application
- Adoption and disclosure requirements for 2021 year-end financial statements
- Recognize required GAAP reporting requirements for your company or clients
- Identify COVID related changes to key accounting matters
- Recognize how to properly apply new accounting standards
- Describe how to strategize for implantation of revenue recognition and lease standards
- Identify areas where Private Company Council standards can be applied
- Recognize how cryptocurrencies are accounted for within current practice
- Identify which area was considered by the EITF and resulted in the issuance of ASU 2021-01
- Differentiate ASC Topics and how they apply
- Differentiate ASUs and how they apply
NASBA Field of Study
Accounting (2 hours)
Basic understanding of GAAP.