FASB accounting

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Recently, the FASB voted to define the Accounting Standards Codification™ as the definitive source for all nongovernmental GAAP. Launched in July of 2009, it aims to simplify the research of US GAAP by consolidating all nongovernmental information to one source. The new system boasts a user-friendly interface as well as a number of helpful new features.

The Knowledge Group has assembled a team of experts who will help you understand the most important aspects of this new system. A panel of key thought leaders will present their findings and best practices for use of the new system in a two-hour live webcast. This event is a must attend for anyone interested in using the system who would like a more in-depth look at its features and practical uses. Going beyond the basic mechanics, our experts will present their thoughts and opinions on how to maximize the information available in the new system.

Course Level: Intermediate
Prerequisite: None
Method Of Presentation: Group-Based-Internet
Developer: The Knowledge Conference
Recommended CLE/CPE Hours: 1.75 - 2.0
(Please note, your State Bar or Accounting Board will make the final determination with respect to continuing education credit. If you are applying for CLE credit in Texas you must register 20 days before the event date.)
Advance Preparation: Print and review course materials
Course Code: 093879
Recording Fee: $299 (Please click here for details)
NASBA Sponsor Number: 109004

 

Featured Speakers for FASB Accounting Standards Codification live webcast:


  Event Talking Points (click here to view more)
SEGMENT 1:


Keira Lichtenstein, CPA, Technical Manager, Accounting and Auditing Publications,
American Institute of Certified Public Accountants (AICPA)

- How to access the Codification
- Basic vs. Professional Views of the Codification
- Demonstration and Walkthrough of the Codification

SEGMENT 2:


Carol M. Clarke, Executive Director, Department of Professional Practice,
KPMG LLP

- Introduction to the Codification (including Background and Scope)
- Structure and Organization of the Codification (including SEC Content)
- Researching the Codification
- Codification Citations in Financial Statements and Other Documents

SEGMENT 3:


Thomas White, Partner,
Wilmerhale

FASB Standards Codification: Understanding the New System

WHAT DOES THE CODIFICATION MEAN FOR LAWYERS?

1. Effect of codification on how lawyers understand accounting standards—will compilation of
    standards in one source and use of scientific numbering make understanding easier?

2. Impact of the Codification on disclosure issues, particularly in reviewing financial statements and
    MD&A disclosures regarding critical accounting policies and other accounting matters.
- SEC guidance on transitional references
- SEC suggestions regarding drafting to avoid specific GAAP references
- SEC interpretive release—impact of codification on GAAP references in SEC rules and on SEC
  accounting guidance

3. Changes in topics of particular relevance to lawyers:
- FAS 5—contingencies
- FAS 123R—share-based compensation
- FAS 141R—business combinations
- FAS 142—goodwill and other intangibles
- FAS 154—accounting changes and error corrections
- FAS 157—fair value measurements
- FIN 48—uncertain tax positions

4. Effect of the codification on attorney’s responses to audit inquiry letters

SEGMENT 4:


Chad Kokenge, Transaction Services Partner,
PriceWaterhouseCoopers

- Standard setting focus - why the change, overall organization, how will new standards be
  integrated, impact on convergence, etc.
- Plain English Disclosures (maybe an example)



American Institute of Certified Public Accountants (AICPA)
Keira Lichtenstein
CPA, Technical Manager, Accounting and Auditing Publications
speaker bio »»

KPMG LLP
Carol M. Clarke
Executive Director, Department of Professional Practice
speaker bio »»

Wilmerhale
Thomas White
Partner
speaker bio »»

PriceWaterhouseCoopers
Chad Kokenge
Transaction Services Partner
speaker bio »»

Who Should Attend?

- Preparers
- Auditors
- CFO's
- Controllers
- Finance Directors
- Users of financial statements

Why Attend?

This is a must attend event for anyone interested in understanding FASB Accounting Standards Codification.
- New guidance explained by the most qualified key leaders & experts
- Hear directly from key regulators & thought leaders
- Interact directly with panel during Q&A

Registration Information:                                                                                                                                    



FASB Accounting Standards Codification: Understanding the New System
Speaker Firms:


American Institute of Certified Public Accountants (AICPA)








 

The Knowledge Conference is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Website: www.nasba.org


 

We are an approved multi-event sponsor in the state of California. Our provider ID is: 14451. In Texas, Illinois, and Virginia, we submit programs for individual approval in advance. In all other states, once attendance is verified, participants are emailed an official certificate of attendance which they submit to their respective State Bar Associations. Our programs are created with continuing education in mind and are therefore designed to meet the requirements of all State Bar Associations. If you have any questions, please email our CLE coordinator at: info@knowledgecongress.org

Attention New York Attorneys:

This program is approved for CLE credit under New York’s Approved Jurisdiction policy. The Knowledge Group, LLC is an approved sponsor in the state of California, a New York Approved Jurisdiction. This program fulfills the non-traditional format requirement of exceeding 60 minutes in length. Please note only experienced attorneys (more than 2 years) are eligible to receive CLE credit via non-traditional format learning platforms. The Knowledge Group will verify attendance during the webcast via secret words (3 per credit hour) and by auditing attendees log in and log out records. All verification instructions will be provided during the webcast. Once attendance verification requirements have been completed, the attendee will be issued a certificate of attendance be The Knowledge Group for the course with the recommended number of credit hours. The Certificate of Attendance is normally sent via email in 24 hours or less.

To Claim Your CLE Credits:

The attorney should simply include credits earned via Knowledge Group webcasts when computing the total number of CLE credits completed, and keep the Knowledge Group Certificate of Attendance for a period of at least four (4) years in case of audit. An attorney may count towards her/his New York CLE requirement credit earned through the Approved Jurisdiction policy without notifying the CLE Board.

To learn more about New York’s Approved Jurisdiction policy. Please visit: http://www.nycourts.gov/attorneys/cle/approvedjurisdictions.shtml



 
Enrolled Agents Sponsor ID Number: 760

We have entered into an agreement with the Office of Professional Responsibility, Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the Office of Professional Responsibility as to the quality of the program or its contribution to the professional competence of the enrolled individual.