IN FOCUS:  FASB Update for Private Companies and Not-for-Profit Organizations

Date: Monday, December 11, 2023

Time: 1:00–3:05 p.m. Eastern Standard Time

The Financial Accounting Standards Board (FASB) is pleased to announce its next semiannual webcast providing an update on the FASB’s standard-setting activities pertaining to private companies and not-for-profit (NFP) organizations.  The areas covered will include:

1. Overview of FASB’s current agenda, status of certain projects
2. Update on leases, revenue recognition, and credit losses implementation, and post-implementation review activities
3. Recent discussions of the FASB’s Not-for-Profit Advisory Committee (NAC)
4. Private Company Council (PCC)/private company efforts
5. Overview of recently issued standards and standards to be issued in the near term, such as disclosure improvements in response to the SEC's release on disclosure update and simplification, accounting for and disclosure of crypto assets, and improvements to income tax disclosures
6. Update on certain projects, such as the accounting for and disclosure of software costs, accounting for government grants, and accounting for environmental credit programs
7. Audience question-and-answer session.

Speakers: FASB Vice Chairman Jim Kroeker and FASB Member Joyce Joseph, PCC Member Michael Minnis, FASB Assistant Director—Nonpublic Entities Jeff Mechanick, FASB Supervising Project Managers Jeff Gabello and Jenifer Wyss, and FASB Postgraduate Technical Assistants Sonja Kuranz and Samuel Yang.

Learning Objectives: At the end of this program, participants will be able to:

1. Distinguish, at a general level, the FASB’s current agenda priorities and the status of certain projects on the FASB’s agenda
2. Recognize the FASB’s efforts to ensure successful transition to the credit losses standard and identify FASB post-implementation review activities of the leases, revenue recognition, and credit losses standards
3. Identify recent activities of the NAC
4. Identify current and upcoming activities of the PCC
5. Evaluate, at a general level, other recently issued standards and standards to be issued in the near term, such as disclosure improvements in response to the SEC's release on disclosure update and simplification, accounting for and disclosure of crypto assets, and improvements to income tax disclosures
6. Identify certain projects, such as the accounting for and disclosure of software costs, accounting for government grants, and accounting for environmental credit programs

Participants will have the opportunity to submit questions to the panelists during the event. Field of Study: Accounting

Delivery Method:  Group-internet based (via video webcast)

Program Level: Overview

Program Prerequisites: None

Advanced Preparation Needed: None.

Recommended CPE: 2.5 hours; final CPE earned will be determined based on the length of participation in the program, polling questions as described in CPE Eligibility, and completion of a course survey. Credit is provided only to participants in the live broadcast of this course. Please note that credit is not provided for group viewing. Each participant must be registered separately and meet both polling and duration requirements as per NASBA.

Refund/Cancellation Policy: There is no cost for this course and there is no cancellation penalty. Participants will be notified by email as soon as possible if the course is cancelled for any reason.

Complaint Policy: To register complaints about course content or delivery method and to inquire about the timeliness and accuracy of CPE credit posting for this event, contact CPEDirector@fasb.org.


Official National Registry of CPE Sponsors' Statement

The Financial Accounting Foundation/FASB/GASB 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 submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org/cpas/complaints.

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Texas Sponsor Number 000016