How the Pandemic Changed FASB and ASB Effective Dates

Author: Pat Patterson

Due to the Coronavirus Pandemic (COVID-19), the Financial Accounting Standards Board (FASB) and the Auditing Standards Board (ASB) have made numerous changes to the professional standards and effective dates. A new Chairperson of the FASB and a new Chairperson of the Financial Accounting Foundation (FAF) bring a new perspective in these trying accounting times. Changes to many standards’ effective dates have been made by both the FASB and the ASB. Implementation issues and solutions are facing the accounting professionals in this age of changes. This session will update professionals with the new effective dates and provide examples, descriptions, and practical solutions for the future.

Publication Date: August 2021

Designed For
Professional accountants in public accounting, corporate management, consulting, and education who need a review in the new and recent FASB and ASB pronouncement effective dates, changes in procedures, disclosures, and methods should attend.

Topics Covered

• COVID-19 FASB and ASB issues
• Effective date changes and extensions for professional standards
• FASB changes to effective dates for Revenue recognition, Financial Instruments, Leases, and other changes
• Comments from the new leaders of the FAF and FASB with a view to Pandemic issues
• Updates on the convergence of U. S. and International Standards
• Assistance programs for preparers, auditors, users, and instructors on FASB pronouncements
• Developments in Reference Rate Reform, Leases, Revenue Recognition, financial instruments, and the CECL standards for credit losses
• The PCC and its developments
• Other new related matters as appropriate

Learning Objectives

• Identify recent effective date changes from the AICPA's Auditing Standards Board (ASB)
• Identify recent effective date changes from the Financial Accounting Standards Board (FASB)
• Recognize the updates on the outlook from the FASB and AICPA
• Identify which type of doubt means, in management's judgment, it is probable that the client will not continue as a going concern
• Identify a fee paid to a franchisor in exchange for establishing a franchise relationship, along with the provision of services
• Differentiate GASB statements which extended the effective dates of numerous guidance

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
Experience in accounting and application of financial reporting standards.

Advance Preparation
None