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Examine accounting principles using key pronouncements for nonpublic entities that became effective from 2018 to 2019, those coming in 2020 - 2021, and standards without specific effective dates.
General requirements will be addressed, including which pronouncements apply, financial statement elements affected, calculations, and reporting, including classifications, characterization, and disclosures. Review additional items for 2020 - 2021 pronouncements, including required adoption, recognizing transitions, adoption alternatives, and required special disclosures.
Pronouncements for SEC reporting entities will not be addressed.
* Identify and understand changes to significant topics and subtopics of the FASB Accounting Standards Codification (ASC) resulting from Accounting Standards Updates (ASUs) that became effective during calendar year 2018 or 2019 and those scheduled to become effective during calendar year 2020 or 2021.
* Determine whether each ASU applies to financial statements the accountant is associated with and whether they are required to be adopted.
* Understand how to make the transition from current standards to the requirements of each applicable ASU.
* Identify which financial statements are affected by the change and which elements of financial reporting are affected.
* Distinguish between ASUs that involve changing from one method of accounting to another from those that retain current methods but change one or more aspects of them.
This course will adjourn at 4 p.m.
Knowlege of GAAP and awareness of the FASB Accounting Standards Codification.
CPAs, auditors, and financial professionals working with nonpublic entities.
Mark Dauberman provides CPE and technical staff training for CPA firms, private industry employers of accountants, and government organizations on topics that include accounting, compilation and review, fraud, internal and external auditing, developing internal controls, strategic planning, and practice management. He is also the senior editor for Roger CPA Review Course and authors CCH’s Knowledge-Based Compilations and Reviews.
Dauberman’s public accounting experience includes working with various local firms throughout high school and college, and employment with Kenneth Leventhal & Company. More recently, he was a partner at NSBN, a Beverly Hills CPA and business consulting firm. Dauberman’s industry experience includes serving as assistant controller of a large trucking and warehousing firm. He has been both a controller and the vice president of finance and administration for major real estate development companies. He also spent nearly 30 years as an entrepreneur, operating a business that prepared individuals for the CPA exam.
Dauberman taught his first university accounting class in 1969 and has been involved in accounting education since, most recently a visiting lecturer at California State University, San Bernardino. He obtained his bachelor’s degree in accounting from California State University, Northridge and his executive MBA at the Peter Drucker and Masatoshi Ito School of Management at Claremont Graduate University, where he previously had been a student of Dr. Drucker’s.