Course Detail(A237 : US GAAP Update 2018)

A237 : US GAAP Update 2018 NEW

7.00 CPE Hours (Category 1)
Classroom


Programme Objective

This course provides an update on the latest changes in the accounting standards under US GAAP. All 2017 updates to the accounting standards will be discussed. Additionally, the course will illustrate the basic concepts of US GAAP accounting for all standards involved.

This course will also provide a comprehensive update on selected new standards issued and effective from 2017 onwards (i.e. Topic 842 - Leases and Topic 606 – Revenue from Contracts with Customers).
 

Programme Outline

1. Overview of projects of the FASB and current trends

2. New Accounting Standards Updates 2017

  • Update 2017-14—Income Statement—Reporting Comprehensive Income (Topic 220), Revenue Recognition (Topic 605), and Revenue from Contracts with Customers (Topic 606) (SEC Update)
 
  • Update 2017-13—Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments (SEC Update)
 
  • Update 2017-12 —Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities
 
  • Update 2017-11—Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception
 
  • Update 2017-10—Service Concession Arrangements (Topic 853): Determining the Customer of the Operation Services (a consensus of the FASB Emerging Issues Task Force)
 
  • Update 2017-09—Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting
 
  • Update 2017-08—Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities
 
  • Update 2017-07 —Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost
 
  • Update 2017-06—Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting (a consensus of the Emerging Issues Task Force)
 
  • Update 2017-05—Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets
 
  • Update 2017-04—Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment
 
  • Update 2017-03—Accounting Changes and Error Corrections (Topic 250) and Investments—Equity Method and Joint Ventures (Topic 323): Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings  (SEC Update)
 
  • Update 2017-02—Not-for-Profit Entities—Consolidation (Subtopic 958-810): Clarifying When a Not-for-Profit Entity That Is a General Partner or a Limited Partner Should Consolidate a For-Profit Limited Partnership or Similar Entity
 
  • Update 2017-01—Business Combinations (Topic 805): Clarifying the Definition of a Business

3. Differences in new standards and their updates
 
  • Leases (Topic 842)
    • Lessee and Lessor Accounting
  • Revenue from Contracts with Customers (Topic 606) – Implementation group examples
  • Collectability threshold
  • Non cash consideration
  • Licensing of intellectual property
  • Shipping and handling fees
 
Training Methodology
Lecture style, with Exercises / Case Studies
 
Closing Date for Registration
1 week before programme or until full enrolment

Intended For

Chief Financial Officers, Financial Controllers, Finance Managers, Accountants, Auditors and those involved in the preparation, interpretation and/or review of financial statements under the US GAAP framework.

Competency Mapping

Category 1 = 7.00 Hours

Schedule & Fees

Date & Time

30 Apr 2018 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Michel Herrmann

Testimonial

Funding

No funding Available!

Programme Facilitator(s)


Michel Herrmann
WP, StB, CPA (US and Singapore)

 
Michel has accumulated over 10 years experience in accounting advisory and was with PricewaterhouseCoopers since 2001. He has gained extensive experience in advising multinational companies with complex accounting and tax structures, specializing on accounting issues and structuring in the areas of business combinations, revenue recognition, deferred tax and financial instruments.
While working in Germany, Michel was a member of the German technical accounting group and also a frequent guest speaker at the University of Giessen and the national convention of German CPAs. Michel has co-authored several publications on international accounting. He graduated with a MBA from the University of Mannheim, and is qualified as a US-CPA, SG-CPA, German tax advisor and German CPA.


Programme Objective

This course provides an update on the latest changes in the accounting standards under US GAAP. All 2017 updates to the accounting standards will be discussed. Additionally, the course will illustrate the basic concepts of US GAAP accounting for all standards involved.

This course will also provide a comprehensive update on selected new standards issued and effective from 2017 onwards (i.e. Topic 842 - Leases and Topic 606 – Revenue from Contracts with Customers).
 

Programme Outline

1. Overview of projects of the FASB and current trends

2. New Accounting Standards Updates 2017

  • Update 2017-14—Income Statement—Reporting Comprehensive Income (Topic 220), Revenue Recognition (Topic 605), and Revenue from Contracts with Customers (Topic 606) (SEC Update)
 
  • Update 2017-13—Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments (SEC Update)
 
  • Update 2017-12 —Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities
 
  • Update 2017-11—Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception
 
  • Update 2017-10—Service Concession Arrangements (Topic 853): Determining the Customer of the Operation Services (a consensus of the FASB Emerging Issues Task Force)
 
  • Update 2017-09—Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting
 
  • Update 2017-08—Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities
 
  • Update 2017-07 —Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost
 
  • Update 2017-06—Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting (a consensus of the Emerging Issues Task Force)
 
  • Update 2017-05—Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets
 
  • Update 2017-04—Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment
 
  • Update 2017-03—Accounting Changes and Error Corrections (Topic 250) and Investments—Equity Method and Joint Ventures (Topic 323): Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings  (SEC Update)
 
  • Update 2017-02—Not-for-Profit Entities—Consolidation (Subtopic 958-810): Clarifying When a Not-for-Profit Entity That Is a General Partner or a Limited Partner Should Consolidate a For-Profit Limited Partnership or Similar Entity
 
  • Update 2017-01—Business Combinations (Topic 805): Clarifying the Definition of a Business

3. Differences in new standards and their updates
 
  • Leases (Topic 842)
    • Lessee and Lessor Accounting
  • Revenue from Contracts with Customers (Topic 606) – Implementation group examples
  • Collectability threshold
  • Non cash consideration
  • Licensing of intellectual property
  • Shipping and handling fees
 
Training Methodology
Lecture style, with Exercises / Case Studies
 
Closing Date for Registration
1 week before programme or until full enrolment

Intended For

Chief Financial Officers, Financial Controllers, Finance Managers, Accountants, Auditors and those involved in the preparation, interpretation and/or review of financial statements under the US GAAP framework.

Competency Mapping

Category 1 = 7.00 Hours

Programme Facilitator(s)

Michel Herrmann
WP, StB, CPA (US and Singapore)

 
Michel has accumulated over 10 years experience in accounting advisory and was with PricewaterhouseCoopers since 2001. He has gained extensive experience in advising multinational companies with complex accounting and tax structures, specializing on accounting issues and structuring in the areas of business combinations, revenue recognition, deferred tax and financial instruments.
While working in Germany, Michel was a member of the German technical accounting group and also a frequent guest speaker at the University of Giessen and the national convention of German CPAs. Michel has co-authored several publications on international accounting. He graduated with a MBA from the University of Mannheim, and is qualified as a US-CPA, SG-CPA, German tax advisor and German CPA.

Upcoming Schedule

Registration is closed

Date & Time

30 Apr 2018 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 329.56
For Non-Members: $ 398.04

Programme Facilitator(s)

Michel Herrmann

Venue

60 Cecil Street
ISCA House
Singapore 049709