Financial reporting for revenue and leases is about to change radically. Faced with the challenges, costs and disruption of implementing the new standards, many CPAs are questioning whether GAAP is worthwhile for their clients. This course will guide CPAs through choices and solutions to ensure cost effective relevant reporting.
Course ID: PCGARF
Implementing FASB’s Revenue and Leasing Standards in Private Companies: GAAP Versus Alternate Reporting Frameworks
Learning Objectives
- Identify who is required to follow GAAP and why
- Evaluate private company reporting frameworks; cash and tax basis and AICPA’s FRF for SMEs
- Discover how ASU 2014-09 changes revenue recognition, measurement and disclosure
- Recognize how the balance sheet treatment of leases will alter financial statement numbers, ratios, and loan covenants
- Become familiar with ASU 2016-01’s right-of-use, present value approach to capitalizing leases
- Consider the system and independence challenges involved with standard implementation
- Review how an Alternate Financial Framework may provide more cost effective reporting
- Recognize the advantages and challenges that non-GAAP reporting brings.
Major Topics
- Financial reporting for revenue and leases
- Who is required to follow GAAP?
- Private company reporting frameworks
- ASU 2014-09 and how it changes revenue recognition, measurement and disclosure
- Balance sheet treatment of leases and how they will alter financial statement numbers, ratios and loan covenants
- ASU 2016-01’s right-of-use, present value approach to capitalizing leases
- System and independence challenges with standard implementation
- Considering an alternate financial framework
- Advantages and challenges of non-GAAP reporting
Who Should Attend
Preparers and accountants in public practice and accountants in industry who need to implement the revenue and lease standards in a convenient and cost effective way. CPAs who wish to help clients select the reporting alternative that best meets their needs.
Fields of Study
AccountingPrerequisites
Prior learning or experience in revenue and lease accounting