Nonpublic Companies: Financial Reporting Issues Webinar

To provide CPAs and other finance professionals with a clear understanding of the unique accounting and reporting considerations facing nonpublic companies, along with practical guidance for applying recent FASB updates and addressing common challenges.

• Private company financial reporting: unique issues and comparison with public companies
• Relevant FASB updates on profits interest awards, leasing issues, variable interest entities, income tax accounting, crypto assets, and more
• Impairment of intangible assets and goodwill, including special treatments for nonpublic entities
• Uncertainties and contingencies: estimates, concentrations of risk, materiality and disclosures
• Deferred taxes and uncertain tax positions
• Related party transactions: valuation, timing, and reporting
• Going concerns and liquidation basis

To provide CPAs and other finance professionals with a clear understanding of the unique accounting and reporting considerations facing nonpublic companies, along with practical guidance for applying recent FASB updates and addressing common challenges.

DETAILED LEARNING OBJECTIVES

• Recognize the course’s distinction between public company and private company accounting requirements

• Distinguish SEC reporting requirements from private company reporting practices

• Identify differences between public company reporting and special-purpose financial reporting

• Recognize cash flows as a basis for evaluating nonpublic companies

• Identify comparative financial statement requirements under IFRS for SMEs

• Recognize FRF for SMEs as a potential reporting framework for an eligible owner-managed business

• Identify the organization that established the Private Company Council

• Recognize the scope and approval process of PCC accounting alternatives

• Identify the expanded availability of proportional amortization under ASU 2023-02

• Identify the written terms practical expedient for eligible common control leases

• Distinguish FRF for SMEs from authoritative US GAAP

• Identify the fair value treatment of contractual sale restrictions on equity securities

• Recognize contractual sale restrictions as characteristics of the holder rather than the security

• Identify creditor disclosure requirements for modifications involving borrowers experiencing financial difficulties

• Identify the ASC 606 measurement requirements for acquired contract assets and liabilities

• Recognize the risk free discount rate election by class of underlying asset

• Identify disclosures required when applying ASU 2021-08 practical expedients

• Recognize the goodwill triggering event evaluation alternative under ASU 2021-03

• Identify relevant factors in a reasonable valuation method for equity-classified awards

• Identify disclosures about practical expedients and their estimated effects

• Recognize the cost and complexity concerns addressed by the private company franchisor expedient

• Distinguish relevant valuation factors from unrelated stock market measures

• Identify the treatment of goodwill under the general model without an amortization election

• Identify when components may be aggregated into a goodwill reporting unit

• Recognize characteristics used to identify reporting units

• Identify events and circumstances relevant to assessing goodwill impairment

• Recognize the measurement limits of the general goodwill impairment model

• Identify appropriate methods for assigning goodwill to reporting units

• Distinguish potential goodwill impairment indicators from favorable operating developments

• Recognize the optional qualitative assessment for goodwill impairment

• Identify the amortization period available under the private company goodwill alternative

• Recognize the goodwill amortization alternative available to not-for-profit entities

• Identify the five year estimated amortization disclosure requirement for intangible assets

• Identify the reporting unit as the unit of account under the general goodwill impairment model

• Recognize when gain contingencies may be recognized

• Identify the general treatment of remote loss contingencies

• Identify the disclosure treatment of reasonably possible loss contingencies

• Recognize the probability threshold for a more-likely-than-not conclusion

• Identify guarantees and indemnifications within the scope of ASC 460

• Distinguish arrangements within ASC 460 from excluded arrangements

• Identify nature-of-operations disclosures under ASC 275

• Recognize the role of professional judgment in assessing materiality

• Identify qualitative factors affecting materiality judgments

• Recognize management’s responsibility for financial statements and correction of material misstatements

• Identify the recognition threshold for uncertain tax benefits

• Identify the conditions for treating a tax position as effectively settled

• Apply the technical merits recognition threshold for uncertain tax positions

• Identify the input and substantive process requirements in the definition of a business

• Recognize obtaining control as a defining feature of a business combination

• Identify the acquisition method for business combinations within its scope

• Recognize the complexity of identifying and measuring acquired assets and assumed liabilities

• Identify the new basis accounting objective for joint ventures at formation

• Identify substantial doubt as the basis for going concern disclosures

• Recognize management’s responsibility for evaluating going concern uncertainties

• Identify the required content of going concern disclosures

• Private company financial reporting: unique issues and comparison with public companies
• Relevant FASB updates on profits interest awards, leasing issues, variable interest entities, income tax accounting, crypto assets, and more
• Impairment of intangible assets and goodwill, including special treatments for nonpublic entities
• Uncertainties and contingencies: estimates, concentrations of risk, materiality and disclosures
• Deferred taxes and uncertain tax positions
• Related party transactions: valuation, timing, and reporting
• Going concerns and liquidation basis