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

Conducted on Wednesday, October 14, 2009

Recorded event now available

or call 1-800-926-7926
Program Materials

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.

Description

FASB's recently completed Accounting Standards Codification (ASC) project, explained in Statement 168, is more than an improvement in presentation. It revolutionizes how private sector GAAP standards are accessed and referenced, with key implications for preparing financial statements and footnotes.

The newly "flattened" hierarchy of FASB, AICPA and EITF standards into separate categories of authoritative and non-authoritative guidance should eventually simplify research for accounting professionals and make it more accessible, but the learning curve promises to be steep.

Apart from registering to access the new FASB central database and becoming familiar with the three alternative "views," advisors also must prepare to issue post-Sept. 15, 2009 period GAAP financials in accordance with ASC.

Listen as our panel of accounting veterans explains the impact of the new standards codification, its efficiencies and benefits, and potential transitional difficulties.

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Outline

  1. Private sector GAAP organization before July 1, 2009
    1. Thousands of standards from FASB, AICPA, EITF
    2. Multi-tiered hierarchy
  2. GAAP organization going forward
    1. Single central, electronically searchable database
    2. GAAP hierarchy collapsed
      1. Authoritative and non-authoritative guidance
      2. Essential and non-essential content
      3. New topical organizational structure
    3. New registration process for access to FASB ASC
    4. FASB to publish updates, not standards, going forward
  3. Practical implications
    1. Three different ways to access database
    2. GAAP financial statements must be prepared under FASB ASC as of periods ending on or after Sept. 15, 2009
      1. Implications for preparing footnotes that now reference specific standards
      2. Consider plain English footnotes rather than specific citations

Benefits

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.

Faculty

Gordon Weber
Gordon Weber
Partner, Corporate Group
Faegre & Benson

His practice focuses on public company reporting, corporate governance and compliance, and similar engagements,...  |  Read More

Michael Westervelt
Michael Westervelt
Manager, Assurance and Accounting Quality Group
LarsonAllen

He has more than 16 years of accounting, auditing and business experience.

 |  Read More
Tom Hoey
Tom Hoey
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

Nelson Haight
Nelson Haight
Shareholder
GBH CPAs

He has more than 20 years of financial and accounting experience. His firm work focuses on SEC reporting, M&A, debt...  |  Read More

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