This article, "U.S. GAAP Update Training for 2023 Available Now!," originally appeared on GAAPDynamics.com.
Accounting updates are a necessary evil, but that doesn’t mean they have to be mind-numbingly boring! I’m happy to announce that we’ve just released our U.S. GAAP Update training for 2023 and it’s available for you to experience the GAAP Dynamics’ difference in variable modalities – live classroom, webinar, or eLearning. It’s interactive and application-based, with plenty of examples to illustrate key learning points. And, with GAAP Dynamics, you know it will be fun! This post gives you a “sneak peek” preview into the topics that we will cover in our U.S. GAAP Update training, as well as discusses the various options for taking the course.
Our U.S. GAAP Update course is separated into the following sections:
- Refresher questions
- ASUs effective in 2023
- ASUs effectives in 2024 and beyond
- Wrap-up
REFRESHER QUESTIONS
If you’ve taken one of our update courses before, you know that we like to start things off with a few refresher questions to get the “juices flowing!” In our standard U.S. GAAP Update course available via webinar or eLearning, we talk about impairment assessments and investment transfers, two hot topics that we’ve seen out there in the market.
If you are running this course live with us at your location, these questions can be tailored to you company or clients. For example, this week we are running various versions of our U.S. GAAP Update course for the industry-accreditation (investment management, insurance, and enterprise) for a Big 4 member firm in the Caribbean and we added additional refresher questions on the following topics:
- Foreign currency
- Parametric insurance
- ESG-related embedded derivatives
- Issues arising from Russia’s invasion of Ukraine
- Accounting for investment by funds
- Crypto currencies and digital assets
ASUs Effective in 2023
In this section we cover ASUs effective in 2023 for public business entities (PBEs), all other entities (Other entities) or both (All entities):
- ASC 326 Credit Losses – Other entities
- Reference rate reform: Deferral of sunset date (ASU 2022-06) – All entities
- Supplier finance programs (ASU 2022-04) – All entities
- TDRs and vintage disclosures (ASU 2022-02) – All entities
- Fair value hedging – portfolio layer method (ASU 2022-01) – PBEs
- Contract assets and contract liabilities (ASU 2021-08) – PBEs
- Goodwill impairment testing (ASU 2017-04) – Other entities
For me, the most exciting ASU is the one on supplier finance programs as it wasn’t included in prior year updates and, as a supplier myself, I find the whole idea frustrating and fascinating. I had a good time learning about supplier finance programs and even wrote a blog post about the topic last week.
ASUs Effective in 2024 and Beyond
In this section we look at those ASUs and recent proposals that will be effective next year (2024) and beyond:
- Leases: Common control arrangements (ASU 2023-01)
- Contractual sales restrictions (ASU 2022-03)
- Convertible debt instruments (ASU 2020-06)
- Improvements to income tax disclosures (proposal)
- Accounting for and disclosure of crypto assets (proposal)
As we discuss in the course, the ASU on contractual sales restrictions probably will have the most impact on investment companies who follow the industry-specific accounting guidance set out in ASC 946, mainly because they were given “wrong” information in the AICPA Accounting and Valuation Guide, Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies. This ASU makes it clear that security-specific restrictions such as lock-up agreements would not transfer to a market participant and, therefore, should not be considered in determining fair value.
Personally, I found the two FASB proposals to be the most fun to talk about. If you haven’t seen what the FASB has proposed regarding improvements to income tax disclosures, you might want to check it out. It is A LOT! And the proposal on accounting for and disclosure of crypto assets is a welcome change for those dealing with crypto assets within the scope of the proposed ASU.
Wrap-up
We use this section to answer any additional questions from participants that haven’t been answered during the training and to reveal our theme for the course. That’s right all the class discussion questions during the course (and there are a lot of them…it’s application-based, remember) have a consistent theme. What is it? You’re going to have to take the course to find out, but here’s a hint – are you ready for it? That’s it. That’s the hint!!
About GAAP Dynamics
We’re a DIFFERENT type of accounting training firm. We don’t think of training as a “tick the box” exercise, but rather an opportunity to empower your people to help them make the right decisions at the right time. Whether it’s U.S. GAAP training, IFRS training, or audit training, we’ve helped thousands of professionals since 2001. Our clients include some of the largest accounting firms and companies in the world. As lifelong learners, we believe training is important. As CPAs, we believe great training is vital to doing your job well and maintaining the public trust. We want to help you understand complex accounting matters and we believe you deserve the best training in the world, regardless of whether you work for a large, multinational company or a small, regional accounting firm. We passionately create high-quality training that we would want to take. This means it is accurate, relevant, engaging, visually appealing, and fun. That’s our brand promise. Want to learn more about how GAAP Dynamics can help you? Let’s talk!
Disclaimer
This post is published to spread the love of GAAP and provided for informational purposes only. Although we are CPAs and have made every effort to ensure the factual accuracy of the post as of the date it was published, we are not responsible for your ultimate compliance with accounting or auditing standards and you agree not to hold us responsible for such. In addition, we take no responsibility for updating old posts, but may do so from time to time.