Michael Hoose, CPA and Director at Cherry Bekaert, discusses ASUs effective for 2024 and 2025 across private and public entities. He covers debt conversion options, EPS computations, asset and liability valuation under ASC 606, and portfolio hedge accounting. Topics include supplier finance, common control leasing, insurance contract assumption updates, fair value measurements, tax credit amortization, joint venture accounting, crypto asset reporting, and income tax disclosures.
Learning Objectives
• Identify the ASUs effective for 2024 and 2025 and their impact on debt conversion features, EPS computations, and convertible instrument accounting.
• Recognize the updated valuation requirements for contract assets and liabilities under ASC 606 in business combinations and their distinction from previous fair value approaches.
• Distinguish between the fair value measurement and disclosure mandates for equity securities with sale restrictions (ASU 2022
• 03) and derivative liability criteria (ASU 2020
• 06).
• Recall the enhanced reporting requirements for crypto assets (ASU 2023
• 08) and income tax reconciliations (ASU 2023
• 09), including necessary roll forwards and disaggregations.
Major Topics
• financial disclosure requirements
• federal tax updates
• tax planning strategies
• PCAOB standards
