FASB Webcast and Webinar Series

IN FOCUS:  FASB Update for Private Companies and Not-for-Profit Organizations


Date: Monday, June 14, 2021

Time: 1:00–3:05 p.m. Eastern Daylight Time

The Financial Accounting Standards Board (FASB) is pleased to announce its next semiannual webcast providing an update on the FASB’s standard-setting activities pertaining to private companies and not-for-profit (NFP) organizations.  The areas covered will include:
  1. Overview of FASB’s current agenda, status of certain projects, and the relationship of the FASB’s current agenda to its mission
  2. FASB’s agenda consultation process
  3. Current issues in financial reporting, including FASB’s COVID-19-related activities and responses to specific COVID-19-related issues raised by stakeholders such as borrower's accounting for debt restructuring and modifications, and reporting of COVID-19-related Federal assistance
  4. Private Company Council (PCC)/private company efforts
  5. NFP update
  6. Update on recently issued standards
  7. Update on FASB current projects such as the goodwill and intangible assets project
  8. Update on post-implementation review activities related to revenue recognition, leases, and credit losses
  9. Reminder about upcoming effective dates of other standards
  10. Audience question-and-answer session.
Speakers: FASB Members Christine Botosan and Gary Buesser; PCC Member Yan Zhang; FASB Assistant Director—Nonpublic Entities Jeff Mechanick; FASB Supervising Project Manager Jenifer Wyss; FASB Postgraduate Technical Assistants Rachel Daniel and Lauren Reno.
 
Learning Objectives: At the end of this program, participants will be able to:
  1. Obtain a general understanding of the FASB’s current agenda priorities, the status of certain projects on the FASB’s agenda, and the relationship of the FASB’s current agenda to its mission
  2. Obtain a general understanding of the FASB’s Agenda Consultation research project
  3. Understand current issues in financial reporting, including the FASB’s COVID-19 related activities and responses to specific COVID-19-related issues such as borrower’s accounting for debt restructurings and modifications, impairment of nonfinancial assets, and reporting of COVID-19-related Federal assistance
  4. Understand current and upcoming areas of discussion for the PCC
  5. Understand the FASB’s current NFP-focused projects and other activities
  6. Obtain a general understanding of recently issued standards
  7. Obtain a general understanding of FASB current projects such as the goodwill and intangible assets project
  8. Understand the FASB’s efforts to ensure successful transition to the revenue recognition, leases, and credit losses standards and learn about FASB post-implementation activities of those standards
  9. Obtain a general understanding of upcoming effective dates of other standards. 
Participants will have the opportunity to submit questions to the panelists during the event.
 
Field of Study: Accounting

Delivery Method:  Group-internet based (via video webcast)

Program Level: Overview

Program Prerequisites: None

Advanced Preparation Needed: None.

Recommended CPE: 2.5 hours; final CPE earned will be determined based on the length of participation in the program, polling questions as described in CPE Eligibility, and completion of a course survey. Credit is provided only to participants in the live broadcast of this course. Please note that credit is not provided for group viewing. Each participant must be registered separately and meet both polling and duration requirements as per NASBA.

Refund/Cancellation Policy: There is no cost for this course and there is no cancellation penalty. Participants will be notified by email as soon as possible if the course is cancelled for any reason.

Complaint Policy: To register complaints about course content or delivery method and to inquire about the timeliness and accuracy of CPE credit posting for this event, contact CPEDirector@fasb.org.


Official National Registry of CPE Sponsors' Statement

The Financial Accounting Foundation/FASB/GASB 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/cpas/complaints.

NASBA National Registry of CPE Sponsors—Sponsor License Number 107522

Texas Sponsor Number 000016