fasb 2016

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Financial Accounting Update 2016

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Presentation given in December 2015 at Financial Accounting & Reporting Update at Philadelphia Hyatt Bellevue

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Link to 2016 event schedule: 2016 CPE Calendar

Presented: Rich Stuart from RSM where he is a Partner in their National Standard Group

The three main topics covered in the presentation included an Accounting Standard Update, Other agenda projects and Private Company Accounting Alternatives.

Topics in the update included;

ASU 2015-01: Extraordinary and unusual items

ASU 2015-02: Consolidations

ASU 2015-03: Debt Issuance Costs

ASU 2015-15: Debt Issuance Costs/Line of Credit Arrangements

ASU 2015-05: Cloud computing fees

ASU 2015-11: Inventory

ASU 2015-14: Deferral of Effective Date

ASU 2015-16: Business Combinations and Measurement Period Adjustments

ASU 2015-17: Balance Sheet Classification of Deferred Taxes

 

Other agenda projects covered included convergence projects (revenue recognition, financial instruments and leasing).

Link to 2016 event schedule: 2016 CPE Calendar

 

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SEC Update: Executive Summary

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By: Patricia Woodbury from FTI Consulting

Pat Woodbury is a Managing Director at FTI Consulting and is based in Washington, DC. Ms. Woodbury has more than 30 years of experience gained through consulting and at the Public Company Accounting Oversight Board (PCAOB), the U.S. Securities and Exchange Commission (SEC), in corporate financial management and public accounting. She provides expert, advisory consulting and investigative services related to technical accounting, auditing, financial reporting, professional responsibility, FCPA and other SEC related issues.

Ms. Woodbury’s experience includes assisting companies with the analysis, accounting and disclosure for various complex transactions. She has assisted companies in responding to comments raised by the SEC’s Division of Corporation Finance and other communications with the SEC. She has advised companies on complex accounting issues has provided assistance to public and pre-IPO companies with SEC filings, including “pre-reviews” prior to filing and advised registered accounting firms in their interactions with the PCAOB.

Ms. Woodbury’s experience also includes financial fraud investigations, forensic accounting, FCPA investigations, compliance reviews and other litigation support. She has provided expert opinions related to internal controls, SEC reporting and the responsibilities of auditors.

On Dec 15-16, 2015 at Financial Accounting & Reporting Update at Philadelphia Hyatt Bellevue

See all upcoming 2016 CPE Training Conferences including FASB & SEC Updates: 2016 Calendar of Events

Patricia began the presentation with an overview of the SEC Organization structure.  Patricia provided an update of SEC Enforcement activities including their newest milestones and more aggressive stance.  The Division’s priorities for the coming year include a focus on complex financial products, gatekeepers, financial reporting, market structure, insider trading, and municipal securities.

The next are of focus in the presentation was SEC Comment Letter Trends and the most common areas by percentage:

MD&A

Fair Value Measurements

Signatures, exhibits and agreements

Income taxes

Revenue Recognition

Non-GAAP financial measures

Intangible assets and goodwill

Executive Comp disclosures

Segment reporting

Acquisitions and business combinations

Patricia also detailed the latest rends in restatements, SEC whistleblower program, FCPA, international convergence, Dodd-Frank Act, Clawback policies

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