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

Date: Monday, June 12, 2023

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 and status of certain projects
2. Update on leases and credit losses implementation and post-implementation review activities
3. Private Company Council (PCC)/private company efforts
4. Overview of recently issued standards and standards to be issued soon
5. Update on certain technical agenda projects, such as accounting for and disclosure of crypto assets, accounting for and disclosure of software costs, and improvements to income tax disclosures
6. Update on certain research agenda projects, such as accounting for government grants
7. Audience question-and-answer session.

Speakers: FASB Member Sue Cosper, FASB Member Fred Cannon, and PCC Member Katina Curtis; FASB Assistant Director—Nonpublic Entities Jeff Mechanick; FASB Supervising Project Manager Jeff Gabello; FASB Supervising Project Manager Jenifer Wyss; FASB Postgraduate Technical Assistants Nathan Brown and Connor Shea.

Learning Objectives: At the end of this program, participants will be able to:

1. Understand, at a general level, the FASB’s current agenda priorities and the status of certain projects on the FASB’s agenda
2. Understand the FASB’s efforts to ensure successful transition to the leases and credit losses standards and learn about FASB post-implementation review activities of those standards
3. Understand current and upcoming activities of the PCC
4. Understand, at a general level, other recently issued standards and standards to be issued soon
5. Identify certain technical agenda projects, such as accounting for and disclosure of crypto assets, accounting for and disclosure of software costs, and improvements to income tax disclosures
6. Identify certain research agenda projects, such as accounting for government grants.

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