Course Description

The FASB formed the Private Company Council to provide certain alternatives in U.S. GAAP that are only available to nonpublic business entities, with limited exceptions for certain nonprofits.  This webinar will provide insight into when adopting the accounting and financial reporting alternatives would be to the advantage of private companies.

Major Topics: 

• Entities permitted to adopt the U.S. GAAP simplified alternatives
• Guidance, related to “plain vanilla” interest rate swaps that convert variable into fixed rate debt and other derivatives
• Guidance related to amortization and impairment of goodwill
• Guidance related to separately recognizing intangible assets from goodwill in a business combination
• Guidance related to not consolidating variable interest entities
• Guidance related to lease accounting and revenue recognition options

Learning Objectives

• Identify the recognition, measurement, presentation and disclosure options only available to nonpublic business entities in U.S. GAAP.
• Recognize the benefits of adopting the U.S. GAAP alternatives, and the most advantageous time to do so

Prerequisites

• None

Who Should Attend

CPAs, accounting/finance professionals who work with private companies.