FASB Hot Topics Webinar

To provide accountants with a thorough understanding of current and important FASB issues. You’ll gain practical insight into topics receiving significant attention, including impairments and goodwill, digital assets, and business combinations and consolidations.

• FASB Update
  – Overview of the FASB
  – FASB Agenda
     • Invitation to comment
     • Select technical agenda project snapshots
  – Select recently issued ASUs
• Impairments, intangibles and goodwill in a volatile market
  – Order of impairment testing
  – Impairment of long-lived assets (ASC 360)
  – Impairment of finite-lived intangible assets (ASC 350-30)
  – Impairment of indefinite-lived intangible assets (ASC 350-30)
  – Goodwill
     • When to test goodwill for impairment
     • Goodwill impairment test
     • Goodwill disclosures
  – Reporting units
     • Allocating assets and liabilities to and determining FV of reporting units
• Digital assets, crypto, and emerging blockchain accounting issues
  – Types of digital assets
  – Accounting for digital assets
     • Disclosure considerations
     • Examples of accounting for different crypto asset transactions
  – Recent regulatory developments
• Business combinations, joint ventures and internal reorganizations
  – Transaction model and current accounting developments
  – Business combinations and transaction scoping
  – Joint venture formation accounting
  – Fair value and purchase accounting issues
  – Internal restructurings and reorganizations
• Non-GAAP, KPIs and performance measures
  – Overview of non-GAAP measures
  – SEC staff guidance on non-GAAP measures
  – Key performance indicators
• Disaggregation of Income Statement Expenses (DISE)
  – Required expense categories
  – Implementation challenges

To provide accountants with a thorough treatment of the most important issues currently on FASB’s plate. You’ll gain a solid understanding of topics receiving significant attention, including leases, stock-based and other employee compensation plans, and business combinations and consolidations.

DETAILED LEARNING OBJECTIVES

• Identify the proper order for testing long-lived assets, intangible assets, and goodwill for impairment

• Recognize triggering events that require impairment testing under ASC 350 and ASC 360 Apply the recoverability and measurement steps for long-lived asset impairment Distinguish the impairment models for finite-lived and indefinite-lived intangible assets Determine when and how goodwill must be tested for impairment

• Identify reporting units and measure goodwill impairment under ASC 350

• Explain how volatile market conditions affect impairment assessments and valuation assumptions

• Distinguish cryptocurrencies, stablecoins, tokenized assets, and non-fungible tokens

• Compare the historical accounting model for crypto assets with the fair value model established by ASU 2023-08

• Identify crypto assets that fall within the scope of ASC 350-60

• Apply the recognition, measurement, presentation, and disclosure requirements for in-scope crypto assets

• Evaluate the accounting classification of stablecoins based on their redemption rights and other contractual terms

• Describe the FASB’s standard-setting process and technical agenda

• Identify significant recently issued accounting standards and active FASB projects

• Evaluate proposed accounting changes involving debt exchanges, equity-method investments, and subjective acceleration clauses

• Apply recent guidance for environmental credits, government grants, and paid-in-kind dividends

• Distinguish business combinations, asset acquisitions, joint venture formations, and common-control reorganizations

• Apply the concentration screen and definition-of-a-business framework under ASC 805

• Determine the accounting acquirer in qualifying equity-exchange acquisitions involving variable interest entities

• Apply the new-basis accounting requirements for joint venture formations under ASU 2023-05

• Evaluate fair value assumptions and purchase-price allocation methodologies under ASC 820

• Account for acquired contract balances, inventory step-ups, and contingent consideration in a business combination

• Apply carryover or predecessor-basis accounting to common-control transfers

• Define non-GAAP financial measures and identify the requirements of Regulation G and Regulation S-K

• Evaluate non-GAAP presentations for prominence, labeling, recurring expense, and individually tailored accounting concerns

• Identify the disclosures required for key performance indicators and other operational metrics

• Explain the objectives and scope of the expense-disaggregation requirements under ASU 2024-03

• Identify relevant expense captions and required natural expense categories under the DISE guidance

• Apply the cost-incurred and expense-incurred approaches to purchases of inventory

• Describe the DISE requirements for employee compensation, selling expenses, reimbursements, and other expense items

• Business combinations (ASC 805)
  – Consolidations
  – Clarifying the definition of a business
  – Push down accounting
  – Fair value and FAS 141R
  – Variable interest entities and control (ASC 810)
  – Interests by related parties under common control
  – Intangibles, goodwill and impairment testing, including special treatment for nonpublic entities
  – Equity method, including recent FASB changes
• Share-based payment plans and other employee benefit plans
  – Overview and objectives
  – Valuation methodologies
  – Tax implications
  – Disclosure requirements
• Lease accounting—summary and adoption of new guidance
  – Comparison of old and new standards
  – Lessee vs. lessor treatments
• FASB Simplification Initiative
• The impact of COVID-19