Good subject content and explanations done at a level that is understandable.

Tim Lai, Manager, Fixed Assets, Infonet Corporation, El Segundo, CA

The Practical FASB: Top 10 FASB Pronouncements for SEC Reporting Professional

One day— 8 CPE Credits

This course provides SEC reporting professionals and others with the FASB knowledge they need to perform and excel in today’s complex accounting world. You will learn about the core FASB issues important for public companies and obtain an update of recent FASB pronouncements and current agenda projects.

In this workshop you will learn about:

• The standards that are the most frequent SEC comment and restatement areas, and how to deal with them

• The major changes to purchase accounting and the accounting for minority interests

• The latest EITF and FASB developments

• The FASB agenda

• Practical examples and real-life implementation issues

COURSE SCHEDULE

8 - 8:30 a.m. — Registration and Continental Breakfast

8:30 - 8:45 a.m. — Introduction and course overview

8:45 - 9:15 – The roles of the SEC and the FASB in standard setting

• The SEC’s role – statutory authority and interpretive authority

• The FASB’s role – independent standard setter, accepted by SEC

• Role of FASB standards in S-X

• Sources, SFAS’s, FIN’s, EITF’s, DIG’s, FSP’s, etc

• Key SEC focus areas in financial reporting

• International Financial Reporting Standards issues and the future

• Summary of recent FASB Pronouncements

9:15 - 11:00 – Key FASB Standards in SEC Reporting

• A review of the 10 most frequently mentioned SFAS standards in SEC comment letters, credit to Audit Analytics

• Frequent SEC comments about financial statement issues

  • Classification

  • GAAP issues

• Examples of companies that have restated, excerpts of 10-K/A’s

  • 131 - Segments

  • 144 - Asset impairment

  • 5 - Contingencies

  • 95 - Cash flow Statement

  • 123R - Share-based Payment

  • 141 - Acquisitions

  • 133 - Derivatives

  • 142 - Intangibles

  • 128 - EPS

  • 109 - Tax accounting

11:00 - Noon – Key new FASB pronouncements – Statements 141R and 160

• Business combinations

• Definition of a business

• Date of acquisition issues

• Transaction costs recorded as expenses

• No accrual for exit costs

• Pre-acquisition contingencies and contingent consideration

• Other changes to purchase accounting

• Non-controlling interest accounting

Noon to 1:00 – Lunch

1:00 - 1:30 – Other recent FASB pronouncements

• SFAS 157 – Fair Value Measurement

• SFAS 161 – Derivative Disclosures

• Other SFAS’s, FIN’s and FSP’s

1:30 - 2:15 – Key reporting issues in asset impairment

• Where are the most frequent sources of error:

  • SFAS 144

  • SFAS 146

  • SFAS 142

2:15 - 3:00 – Key reporting issues in the statement of cash flows

• Classification problem areas

• Cash equivalent issues

• SFAS 95 principles

• Example SEC comment letters and restatement issues

3:00 - 3:45 – Key issues in EPS calculations

• Most common sources of error

• SFAS 128

• The forfeitures example where SFAS 123R and 128 intersect

3:45 - 4:00 – Why are segments always an issue?

• Example segment restatements

• The Sony Enforcement

• Brief review of SFAS 131

• Aggregation issues

4:00 - 4:30 – Current developments and plans at the FASB – What is on the Horizon?

• The FASB Agenda

• Summary of major projects underway

  • Leases

  • Revenue recognition

  • Other projects

• Expected timing of major projects

• International harmonization issues and the future of the FASB

Learning Objective: To provide an understanding of accounting standard setting, recent pronouncements and expectations from the FASB, AICPA and SEC.
Delivery Method: Group-Live
Prerequisites/Advance Preparation: None
Program Level: Overview to Intermediate

CALENDAR

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