Accounting's Perfect Storm: A Moving Target!
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The world of professional accounting in the United States is changing forever. While most financial managers and CPAs are aware of the potential incorporation of International Financial Reporting Standards into U.S. GAAP, many are not sensitive to the potential changes resulting from FASB’s convergence project and the impact of changes in accounting standards for non-public companies from the FASB and the AICPA.
These three elements—adoption, convergence and FASB and AICPA private company reporting—come together to form Accounting’s Perfect Storm. The changing climate will mandate monumental changes in reporting, operations and financial systems. You cannot afford to miss this entertaining and interactive course.
Objectives:*Explore the elements of the Perfect Storm *Develop an appreciation for the adoption impact *Learn how the convergence project will change your basic financial reporting model *Discover the potential alternatives for private company reporting *Identify the critical operations issues driven by the storm *Identify 10 action items for you to take today as you prepare for the stormy weather
*The elements of the storm and their current status
*The impact of IFRS adoption
*The major convergence issues
*An overview of the elephant in the room—reformatted financial statements
*Exercise: Generating management’s interest in the change in climate
*Alternatives for private company reporting
*Exercise: Selecting the right basis of accounting for your company or client
*10 business issues driven by the storm
*10 action items for you to take today in preparation for the storm
*Exercise: Preparing key stakeholders for the storm