Financial Reporting Performance 2015: The FASB Research Project that Impacts ALL Financial Professionals
Total Credits: 4
- Average Rating:
- 58
- Categories:
- Accounting and Auditing | ACPEN Industry Institute
- Faculty:
- William F. O’Brien, MBA, CPA
- Course Levels:
- Intermediate
- Duration:
- 4 Hours
- License:
- Product Setting: Expires 40 day(s) after program date.
Description
Many financial professionals are aware of the pending changes in US GAAP surrounding FASB’s high priority issues such as revenue recognition and lease accounting. However, most financial statement users are not aware that the form and content of the primary financial statements may change as a result of the FASB-IASB convergence project associated with Financial Reporting Performance.
This reformatting of the basic financial statements as many of us know them will result in significant measurement and systems modification. In addition, enterprise-wide user re-education will be mandatory.
As we go to print, the FASB has reclassified this topic as a FASB Research Project. Both Boards plan to resume deliberation after the priority convergence items are fully addressed. Due to this deferral, the risk all companies face is the failure to pay attention to the impact of these proposed changes. Now is not the time to be complacent!
Basic Course Information
Learning Objectives- Review the content of the proposed reformatted financial statements,
- Discuss the differences between the FASB and IASB versions of the project,
- Analyze the impact of these changes on your business operations,
- Identify critical metrics that the new statements will support, and
- Prepare a to-do list for implementing these coming adjustments.
Major Subjects
*Initial Pre-test of the subject matter
*Current directions in the RFS segment of the convergence project
*A detailed review of the primary financial statements and recommended new disclosures of the RFS.
*Overview of the remaining differences in the draft exposure draft.
*A look at the operating impact of the these changes.
*Some thoughts on steps you can immediately implement.
*Post-test of subject matter and hands-on exercises aimed at personal agendas for success
*Questions and answers.
*Hands-on exercise designed to identify selection issues.
*A look at the operating impact of the storm.
*Some thoughts on steps you can immediately implement.
*Hands-on exercise aimed at contractual and bank relationships.
*Questions and answers
Course Materials
| AII-Storm-0715-master (1.12 MB) | Available after Purchase | ||
| Important CPE Credit Information_2015 (0.02 MB) | Available after Purchase | ||
| Proposed FS (1.33 MB) | Available after Purchase | ||
Faculty
William F. O’Brien, MBA, CPA Related Seminars and Products
WILLIAM F. O’BRIEN, MBA, CPA, is a financial management consultant and educator with over 40 years of experience. He has held senior financial management positions with Intel Corporation and ROLM Corporation and served as CFO for several emerging high technology companies. Mr. O’Brien has extensive experience in corporate planning, financial analysis, cash management and managerial accounting in both domestic and international settings. He has served on the faculties of Santa Clara University and San Jose State University and is a frequent financial seminar speaker in both the U.S. and abroad.
Additional Info
Basic Course Information
Advanced PreparationNone
Course Developer
Date Added to Catalog
07/20/2015
Designed For
CPAs in practice and Members in Industry
Original Recording Date
08/05/2015
Prerequisites
Knowledge of current events in the financial reporting field.
Additional Information
Complaint Resolution PolicyPlease contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).
Instructional Delivery Method
Group Internet Based
Official Registry Statement
Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org
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