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: 2.0
(Please note, your State Bar or Accounting Board will make the final determination with respect
to continuing education credit.)
Advance Preparation: Print and review course materials
Course Code: 093879
Keira Lichtenstein
CPA, Technical Manager, Accounting and Auditing Publications
Thomas White
Partner
Carol M. Clarke
Executive Director, Department of Professional Practice
Chad Kokenge
Transaction Services Partner
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
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
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
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)
- Preparers
- Auditors
- CFO's
- Controllers
- Finance Directors
- Users of financial statements
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