This course provides an overview of the processes involved in understanding, evaluating, and properly disclosing the FASB Accounting Standard Updates (ASUs). This includes a look at the key elements included within each ASU, how companies should consider the impacts from the change, as well as how to properly disclose these impacts (if known) within their notes to their financial statements. This course also outlines an effective five-step process for monitoring ASUs, from initial release to adoption.
Learning Objectives
Upon completion of this course, you will be able to:
• Identify standard elements included within each FASB ASU
• Distinguish between different transition requirements
• Recognize SEC disclosure requirements relating to pending ASUs
• Identify best practices for effectively tracking ASUs
Major Topics
ASU Definition
Where to Find ASUs
What's Included in ASUs
Main Provisions and How They Differ from Current U.S. GAAP
Transition Requirements
FASB Technical Agenda
Determining Applicability/Materiality
Evaluating Options
Assess Disclosures and Benchmark
Tacking, Updating, and Adopting
