IN FOCUS: FASB Update for Private Companies and Not-For-Profit Organizations

Date: Monday, June 23, 2014

Time: 1:00–2:40 p.m. Eastern Standard Time

The Financial Accounting Standards Board (FASB) is pleased to announce its next semiannual webcast providing an update on the FASB’s standard-setting activities pertaining to private companies and not-for-profit (NFP) organizations. The areas covered will include:
  1. The work of the Private Company Council (PCC), including final alternatives within Generally Accepted Accounting Principles (GAAP) for goodwill (ASU 2014-02), interest rate swaps (ASU 2014-03), and common control leases/ VIEs (ASU 2013-07), as well as ongoing PCC and related FASB projects
  2. The FASB’s project to improve NFP Financial Statements, and related and other discussions of the FASB’s NFP Advisory Committee
  3. The final ASU on Revenue in Contracts with Customers (highlights and transition/ implementation activities)
  4. The FASB-IASB projects on Leases and Accounting for Financial Instruments (focusing on latest developments and next steps)
  5. Other FASB projects of interest to private companies and NFP organizations
  6. Some other recently-issued Accounting Standards Updates (ASUs).

Speakers: Jim Kroeker, FASB vice chairman; Larry Smith, FASB member; Diane Rubin, PCC member; Jeff Mechanick, FASB assistant director—nonpublic entities; Mike Cheng, FASB project manager; Rick Cole, FASB project manager; and Ryan Egan, FASB project manager.

Learning Objectives: At the end of this program, participants will have a general understanding of noteworthy recent ASUs and the latest developments in ongoing FASB projects affecting private companies and NFP organizations.

Participants will have the opportunity to email questions to the panelists during the event.

Registration: To register for this event, please use this link.

Delivery Method: Group-internet based

Program Level: Overview

Program Prerequisites: None

Advanced Preparation Needed: None
Recommended CPE: 2.0 hours; final CPE earned will be determined based on the length of participation in the program, polling questions as described in CPE Eligibility, and completion of a course survey. Credit is provided only to participants in the live broadcast of this course. Please note that credit is not provided for group viewing. Each participant must be registered separately and meet both polling and duration requirements as per NASBA.

Refund/Cancellation Policy: There is no cost for this course and there is no cancellation penalty. Participants will be notified by email as soon as possible if the course is cancelled for any reason.

Complaint Policy: To register complaints about course content or delivery method and to inquire about the timeliness and accuracy of CPE credit posting for this event, contact

Official National Registry of CPE Sponsors' Statement

The Financial Accounting Foundation/FASB/GASB 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 submitted to the National Registry of CPE Sponsors through its website:

NASBA National Registry of CPE Sponsors—Sponsor License Number 107522

Texas Sponsor Number 000016

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