New FASB Standards Codification: Are You Ready?
Leveraging Essential and Non-Essential Guidance to Prepare GAAP Statements and Footnotes
Recording of a 110-minute CPE webinar with Q&A
This seminar will provide an advance course on the principles and operational details of the new FASB accounting standards hierarchy and its associated database, preparing accounting professionals to use them efficiently from the outset and to produce GAAP financials under the Accounting Standards Codification.
- Private sector GAAP organization before July 1, 2009
- Thousands of standards from FASB, AICPA, EITF
- Multi-tiered hierarchy
- GAAP organization going forward
- Single central, electronically searchable database
- GAAP hierarchy collapsed
- Authoritative and non-authoritative guidance
- Essential and non-essential content
- New topical organizational structure
- New registration process for access to FASB ASC
- FASB to publish updates, not standards, going forward
- Practical implications
- Three different ways to access database
- GAAP financial statements must be prepared under FASB ASC as of periods ending on or after Sept. 15, 2009
- Implications for preparing footnotes that now reference specific standards
- Consider plain English footnotes rather than specific citations
The panel will explore these and other relevant topics:
- Understanding how the new standards hierarchy will work. The practical implications of authoritative and non-authoritative standards and guidance, including essential and non-essential content.
- Using the new database. How to register, what views you can choose, and how content will be organized and referenced.
- Preparing GAAP financials in accordance with the ASC and implications for footnote disclosures.
- Anticipating how the new system will interact with IFRS and how to meld it into expected international standards.
Partner, Corporate Group
Faegre & Benson
His practice focuses on public company reporting, corporate governance and compliance, and similar engagements,... | Read More
His practice focuses on public company reporting, corporate governance and compliance, and similar engagements, typically for companies in the technology, medical technology and software industries. He recently co-wrote a paper on the impact of the standards codification project on SEC reports.Close
Manager, Assurance and Accounting Quality Group
He has more than 16 years of accounting, auditing and business experience.| Read More
He has more than 16 years of accounting, auditing and business experience.Close
Project Director, FASB Codification Project
Financial Accounting Standards Board
Over the last five years, he also has acted as a consultant to FASB and project director of its XBRL project. Until... | Read More
Over the last five years, he also has acted as a consultant to FASB and project director of its XBRL project. Until 2002, he was a partner with Arthur Andersen and responsible for directing the firm's global accounting research platform.Close
He has more than 20 years of financial and accounting experience. His firm work focuses on SEC reporting, M&A, debt... | Read More
He has more than 20 years of financial and accounting experience. His firm work focuses on SEC reporting, M&A, debt financing, capital planning and other business activities. His background also includes experience in the oil and gas, biotech and financial services industries.Close