FASB Projects Update Webinar

To provide CPAs and other finance professionals with a practical update on current FASB projects, recently issued accounting standards, and emerging standard-setting developments, enabling them to better understand evolving guidance and prepare for future reporting and compliance changes.

• FASB structure and standard-setting agenda
• Financial KPI project developments
• Intangible asset accounting initiatives
• Digital asset accounting developments
• FASB agenda:
  – Recent invitations to comment (ITCs) issued by the Board
  – Snapshot of active projects on technical agenda
• Recently issued ASUs:
  – Derivatives scope refinements
  – Software costs
  – Share-based consideration
  – Determining the acquirer
  – Induced conversions
  – Disaggregation of income statement expenses

James King, Audit & Assurance Senior Consultant, Deloitte

Lucas Rich, Audit & Assurance Senior Consultant, Deloitte

To provide CPAs and other finance professionals with a practical update on current FASB projects, recently issued accounting standards, and emerging standard-setting developments, enabling them to better understand evolving guidance and prepare for future reporting and compliance changes.

DETAILED LEARNING OBJECTIVES

• Understand the factors influencing the application of induced conversion guidance under ASU 2024-04, including the role of fair value in determining convertible debt terms

• Explain the new disclosure requirements under ASU 2023-07, including the inclusion of significant expense categories used to manage operations

• Describe the requirements under ASU 2023-09 for disaggregated annual disclosure of income taxes paid by jurisdiction

• Understand the measurement and disclosure requirements for crypto assets under ASU 2023-08, including fair value recognition

• Identify the primary objectives of the PCAOB’s AS 1000, including enhancing clarity, usability, and the role of auditor skepticism in conducting audits

• Learn the expanded obligations under PCAOB's NOCLAR requirements, emphasizing the auditor's role in identifying and assessing risks of material misstatements due to noncompliance

• Identify the requirements for measuring assets and liabilities of joint ventures at fair value on formation under ASU 2023-05

• Summarize the objectives of updated standards, including improved transparency and alignment with user needs for various reporting topics

• Understand the significant provisions of PCAOB’s AS 2310, including the new requirements for confirming cash held by third parties and the emphasis on obtaining reliable audit evidence

• FASB structure and standard-setting agenda
• Financial KPI project developments
• Intangible asset accounting initiatives
• Digital asset accounting developments
• FASB agenda:
  – Recent invitations to comment (ITCs) issued by the Board
  – Snapshot of active projects on technical agenda
• Recently issued ASUs:
  – Derivatives scope refinements
  – Software costs
  – Share-based consideration
  – Determining the acquirer
  – Induced conversions
  – Disaggregation of income statement expenses

Douglas Jepson, Deloitte