Key Topics in Financial Reporting: Cash Flows, Related Parties, and Fair Value Accounting Webcast

Oct 25
12:30 - 4:00 p.m.

Online

4-A&A
CPE Credits

Receive a brief overview of current reporting priorities for FASB, SEC, and private companies. Understand the major issues involved in preparing the cash flow statement under ASC 230. Become familiar with FSASB’s recent amendments and clarifications in cash flow reporting. Cover pre- and post-acquisition issues in implementing ASC 805. Understand when and how impairment write-downs are recorded, and the options private companies can use to streamline their work. Understand the reporting and disclosure requirements for the recognition and disclosures associated with contingencies.
Highlights
* Overview of accounting standard setting * Why do so many get the cash flow statement wrong? * What is the cash flow statement meant to tell us? * The activity approach – tricky classification questions * ASU 2016-15 and 2016-18 updates to cash flow reporting * Where is fair value in GAAP standards? * Is fair value relevant for closely held companies? * Fair value fundamentals: the hierarchy and private company expedients * Fair value of nonfinancial assets and illustrations * Who are related parties? * AU 850 recognition and disclosure guidelines * How and why do related-party transactions often lead to fraud? * Examples and breakdown scenarios of how an auditor can untangle related parties * Do CFOs fool auditors with related-party transactions?

Registration

PICPA Member: $139
Nonmember: $189

More Information

Course No. 784601

Level: Update

Prerequisites: None

Notes
This is a four-credit seminar.

Speaker(s)

Ray Thompson

Assoc Professor Accounting & Finance

University of Pittsburgh - Johnstown

Dr. Ray Thompson, CMA, CFM, CBA

Dr. Ray Thompson is Emeritus Associate Professor of Accounting & Finance at the University of Pittsburgh. He served as department head at the UPJ campus for over 25 years. He was also Associate Director of UPJ’s Entrepreneurial Development Assistance Project, where he was involved in financial consulting and assisting in preparing loan proposals for small business start-ups.

He has taught in graduate and undergraduate business programs in Europe, Africa and the US. He received his B.S. and M.S. degrees in Economics and Systems Dynamics from the University of Bradford in the United Kingdom, his M.B.A. in Accounting from Xavier University of Ohio, and his Doctor of Business Administration from Nova University. Ray is also certified in Financial Management and is a Certified Management Accountant and Certified Business Appraiser. He recently became certified in International Financial Reporting Standards though the Institute of Chartered Accountants in England and Wales.

Ray is a professional educator and writer. He authors and conducts professional development seminars for Fortune 500 and international corporations, multinational financial institutions, State CPA Societies, and CPA firms throughout the US. In addition to these live seminars, he also produces both recorded and written courses for self study. He also provides business valuation services and consults with accounting firms and sole practitioners on a range of accounting issues in the area of valuation. Ray was part of the George & Ray team which offered Accounting & Auditing courses for over 20 years.

Ray is a member of the Institute of Management Accountants and the Institute of Business Appraisers. He is also a faculty associate member of AICPA and PICPA, and is a member of the Financial Reporting Faculty of ICAEW. He lives in Bedford County, PA, and can be reached at (814) 839-0143 by phone or at drrayt@verizon.net.

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