Annual FASB Update & Review
Overview
This course provides a detailed discussion on the key topics related to financial reporting, though in a summarized format. The course will focus on recent ASUs issued by the FASB, including the 12 ASUs issued in 2025, with a concentration on issues of greatest significance to most accounting practitioners. The greatest emphasis on the ASUs will focus on those effective in 2025 and 2026. Specifically, the course will review ASUs addressing financial instruments, disaggregated expenses, government grants, credit losses under ASC 326, and the final stages of the ASC 842 post-implementation review (PIR) report findings. Other hot-button accounting issues, such as what is on the FASB’s technical agenda, are also discussed.
This course is the place to go for a succinct but thorough update on the big topics impacting financial accounting and reporting.
Highlights
Private company standard-setting activities.
Recent FASB Accounting Standards Updates (ASUs), including those addressing financial instruments, credit losses under ASC 326, government grants and business combinations.
Non-GAAP financial measures.
ASC 842, Leases.
ASC 842 final PIR report findings.
Prerequisites
Experience in financial accounting and reporting.
Designed For
Practicing CPAs and their staffs, both in public accounting and business and industry, as well as controllers, accountants and other financial accounting personnel involved in financial statement preparation and review.
Objectives
Be aware of recent private company standard-setting activities.
Review the latest FASB Accounting Standards Updates (ASUs).
Recall key provisions of recently issued FASB Updates.
Recall common non-GAAP financial measures and requirements surrounding their disclosure.
Understand the key provisions and updates to Topic 842, Leases and the results of the final stage of the FASB’s PIR process, including its final report on the topic.
Preparation
None
Leader(s):
Leader Bios
Thomas Sheets, Sole Proprietor
Tom Sheets, CPA, has more than 32 years of experience in auditing and tax return preparation for businesses and individuals. He established his own consulting, tax and accounting practice in Enid, Okla. He provides consulting, auditing and tax planning and preparation services for a wide variety of individual clients and industries. Tom started with a Big Eight accounting firm in Tulsa, Okla. and then was with a large, local CPA firm in Enid for 15 years. He has written and led seminars for leading providers of CPE for over 20 years on various topics including real estate accounting, construction accounting and tax, fraud, bank auditing, tax issues for nonprofit organizations, compilation and review, cash and tax basis financial statements, and nonprofit accounting and auditing.
Non-Member Price $245.00
Member Price $199.00