Accounting literature is anything but static. For this week’s blog, it seemed most appropriate to draw upon Tom Cochran’s classic ditty for some inspiration. As we near the end of the calendar year, many practitioners are faced with making sure they are up to tempo on the latest U.S. GAAP guidance from the FASB. Look no further than to GAAP Dynamics – we have some eLearning jams that will make sure you feel that rhythm when it comes time for you (or your clients) to implement the latest ASUs!

There’s no load I can’t hold

Need a refresher on the ASUs that are on the horizon in 2021? Our eLearning course, ASUs Effective in 2021, has the resources you need to autotune your understanding of accounting areas that may impact your company this year-end reporting season! We include a compilation of topics such as collaborative arrangements, cloud computing arrangements, simplification of accounting for income taxes, improvements to hedge accounting, and reference rate reform. The course format categorizes ASUs effective in 2021 for public companies, private companies, and for all entities.

Come ride with me to the distant shore

There are many implementation considerations for ASUs on the horizon and with effective dates that otherwise appear as firm gigs at this point in time. Our eLearning course, ASUs Effective in 2022 and Beyond, summarizes the topics that you need on your project play list to be prepared to implement these ASUs timely. Here is a preview of the areas covered in this course:

Leases

While public companies have fully implemented improvements to leases under ASC 842, many private companies are still putting the final touches on their implementation projects. The improvements to the lease standard include a revised definition of a lease that is more closely aligned with guidance included in ASC 606. We walk you through key considerations and application issues under ASC 842.

Are you looking for a training solution to fully understand ASC 842? Christine’s blog is a great resource to navigate all of the many components of this standard. We also have a Leases Course Collection that will provide you with four courses (6.0 hours of CPE) on ASC 842!

Credit Losses

The FASB introduced the current expected credit loss (CECL) model with the issuance of ASC 326, which requires financial instruments carried at amortized cost to reflect the net amount expected to be collected. We walk you through key considerations of how to apply CECL to amortized cost instruments as well as available for sale debt securities.

Perhaps you would like to learn more about the CECL Model? We have a great eLearning course that can walk you through the models included in ASC 326!

Accounting for Convertible Instruments

Prior to the issuance of ASU 2020-06, accounting for convertible debt instruments was arguably one of the most difficult accounting areas in U.S. GAAP! It required you to consider five different accounting modules, four of which were included in ASC 470. These models were considered in order. Only once an instrument “runs the gauntlet” could it then be treated akin to traditional debt. We walk you through how the FASB chose to simplify the accounting considerations for these convertible instruments.

If you would like to know more about the issuance of debt and equity securities, look no further than the recent addition of this Course Collection (4.0 hours of CPE) to the Revolution!

There’s not much time left today

Do you want access to a mash-up so you can learn about all of the major ASUs impacting companies, both now and in the not-too-distant future? Our Essential U.S. GAAP Update Collection includes both ASU courses outlined in the blog, offered to you roadies at a fantastic discount for the bulk purchase!

Scrambling to meet CPE requirements before 2021 comes to a close? Tired of the same old content? GAAP Dynamics is here for you! As the world of accounting changes, so are we. Whether it be our annual update under U.S. GAAP or IFRS, we’ve got you covered. These collections are all available for immediate purchase in their self-study eLearning formats right now on the Revolution, our online learning library!

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.