A practical, intensive two-day workshop focusing on
Recent FASB, GAAP, GAAS, PCAOB and SEC Compliance Issues
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- Practical FASB Updates
- FASB FIN No. 46R: Consolidation of Variable Interest Entities
- FASB No. 123R: Share Based Payment — Strategies to Maximize Profits
- FASB No. 150: Accounting for Certain “Hybrid” Financial Instruments
- FASB No. 153: Exchange of Non-monetary Assets — New Rules for New Results
- FASB No. 154: Accounting Changes and Corrections — New Impact on Income
- Updated Listing of all FASB Staff Positions
- Practical Emerging Issues Task Force (EITF) Updates
- EITF No. 03-1: Investment Impairments: Temporary vs. Permanent Decreases
- EITF No. 03-10: Accounting for Certain Sales Incentives to Customers
- EITF No. 04-8: Contingently Convertible Instruments and EPS Calculation
- Practical Audit and SEC Updates
- Review of Outstanding SAS Exposure Drafts — Focus: Audit Practices/Fees
- Examination of PCAOB Audit Standard No. 2: Internal Control — 13 Key Points
- How to Implement S-OX Sec. 404 in a Cost Efficient Manner
- Update: SEC Initiatives to Make Compliance Easier for Smaller Companies
- Traditional vs. Non-Traditional Corporate Performance Measures
- Cash Flow Metrics
- Return on Equity Analysis
- EVA and Balanced Scorecard (BSC) Metrics
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Overview: How the New Standards Impact Return on Equity; Return on Assets and Shareholder Value
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FASB FIN No. 46R, Consolidation of Variable Interest Entities.
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New considerations to determine when consolidation is mandatory: requirements, exclusions, financial impact, illustrations.
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FASB No. 123R, Share-Based Payment.
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How to minimize expenses using the new stock option standard - illustrations.
- Public vs. Private company issues
- Generally Acceptable Option Pricing Models to calculate cost
- Black-Scholes Option Pricing Model (Case Study)
- Binomial Option Pricing Model (Case Study)
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FASB No. 123R, Share-Based Payment.
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FASB No. 150, Accounting for Financial Instruments with Characteristics of Both Liabilities and Equity
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How the new standard will impact the balance sheet classification (and ratios) when an entity issues “hybrid” instruments - illustrations.
- Conditions that require recognition of a liability
- What items may now appear between the liability and equity section
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FASB No. 151, Inventory Costs
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Why this standard should not impact profits.
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FASB No. 152, Accounting for Real Estate Transactions
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Impact on real estate transactions and projects.
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FASB No. 153, Exchanges of Non-monetary Assets
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New Rules — defining commercial substance — illustrations.
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FASB No. 154, Accounting Changes and Error Corrections
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How this standard impacts the bottom line.
- Changes in Accounting Principles, Estimates and Reporting Entity
- Correcting Errors in Previously Issued Financials
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Discussion of Major FASB Projects
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- Fair Value Measurement
- Earnings Per Share
- Postretirement Benefit Plans
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Updated Listing of all FASB Staff Positions
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EITF Issue No. 03-1, The Meaning of Other-Than-Temporary and Its Application to Certain Investments
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- How to determine if a decrease is “other-than-temporary” and when to record impairment
- Treatment of debt securities impaired solely by interest fluctuations
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EITF Issue No. 03-10, Application of Issue No. 02-16: How resellers must account for incentives offered by manufacturers directly to customers - illustrations.
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EITF Issue No. 04-8, Contingently Convertible Instruments and EPS
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- Market price triggers and multiple contingencies
- Calculating diluted earnings per share — illustrations
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Potential impact on the financial statements and ratios of all significant FASB exposure drafts featuring:
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- Purchase Method Procedure
- Non-controlling Interests
- Business Combination for Mutual Enterprises and Not-For-Profit Entities
- Accounting for Taxes When an Entity Has Taken “Uncertain Tax Positions”
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SAS No. 99, Consideration of Fraud in a Financial Statement Audit
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Impact on Audit Risk, Procedures and Fees.
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Overview of all Outstanding SAS Exposure Drafts
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How They Will Impact Your Firm and How They Relate to PCAOB.
- Why Private Companies Will Have to Comply with PCAOB Audit Standards
- Audit Documentation (and relation to PCAOB Audit Standard No. 3)
- What evidence must be retained; discarding evidence
- Final conclusions vs. contradictory evidence
- Reporting on Internal Control (Recommendations to PCAOB)
- Recommended Standards: Attestation, Auditing and SAS 100
- Summary of Significant Changes
- Communication of Internal Control Related Matters
- Defining a Significant Control Deficiency
- Documentation and reporting guidance
- Audit Risk — Summary of Significant Items that May Result in Substantial Changes In Audit Practice (and Audit Fees)
- Linkage between assessed risk and the nature, timing and extent of testing
- Properly assessing materiality
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PCAOB Auditing Standard No. 2, Audit of (Management’s Assessment of) Internal Control
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Procedures the auditor must now use to audit management’s assessment of internal control.
- 13 Key Provisions Required by the Standard
- Latest changes re internal control: testing, documentation and reporting
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Implementing SOX Section 404, Management’s Report on Internal Control, In a Cost-Effective Manner
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- One size fits all myth
- Properly scope and manage your project
- Identifying and documenting key controls
- Working effectively: audit committee, independent auditors, internal auditors and outsourcing considerations
- Private company and governmental entity considerations
- Lessons learned to date — SEC “hot spots”
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Update: SEC financial reporting initiatives
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How to reduce the burden of SEC requirements on smaller public entities.
- SEC Guidance on Form 8-K new disclosure requirements
- Rollback of certain reporting deadlines
- SEC Advisory Committee on Smaller Public Companies (est. 12-04)
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Performance Measurement and the Balanced Score Card
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Improving Results With Financial and Performance Metrics.
- Making the Finance & Accounting Dept. a Strategic Planning Partner
- Traditional Financial Performance Metrics
- Emerging Financial Performance Metrics
- Economic Value Added (EVA)
- Analyzing the Statement of Cash Flows: Cash Flow Ratios and trend analysis; Cash Flow ROI; and Residual Cash Flow
- Non-financial Performance Metrics: Understanding the Balanced Score Card
- Human resources — measuring employee morale
- Business process
- Measuring customer satisfaction
- Relating Performance Metrics to the Strategic Plan
- Controlling Expenses Without Sacrificing — Ten effective cost cutting procedures
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CPE Credits...
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This seminar is recommended for 16 hours of CPE credit, including 8 hours of Accounting and 8 hours of Auditing credit.
The National Center for Continuing Education is registered with the National Association of State Boards of Accountancy (NASBA), as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Visit the NASBA web site at www.nasba.org.
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Financial, accounting and audit professionals who work with either public or private entities should plan to attend this comprehensive course including:
- CFOs, Treasurers, Controllers
- Accounting managers and staff
- Auditors: Internal and Independent
- Financial VPs, Managers and Analysts
- Corporate Counsel and SEC attorneys
And anyone who would like a clear, comprehensive, practical understanding of:
- Most Recent FASB and EITF Updates
- Most Recent SAS Updates
- Most Recent SEC Updates
- Implementation Guidelines
- Strategies to Maximize Reported Profits
- Traditional vs. Non Traditional Metrics
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Seminar Prerequisites
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Course Level: overview
Prerequisites: none
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If you have a group of 14 or more employees who need to understand the latest A&A emerging issues and related strategic positioning for industry financial professionals or other financial training, then NCCE’s customized training is the cost effective solution for your organization. Bring this seminar in-house and insure that your staff has the technical skills necessary to assure cost effective compliance with the new FASB, GAAP, GAAS, EITF and SEC requirements. Custom programs can be tailored for 4-, 8-, 12- or 16- hour presentations.
NCCE’s in-house seminar clients include: Hewlett-Packard; Oracle; Harley-Davidson; Stanley Tools; General Mills and Deloitte & Touche.
For more information or to schedule a custom in-house program, e-mail NCCE at contact@nccetraining.com or telephone 800-635-9615.
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