transcript   Transcript

Financial Reporting Developments: What Audit Committees Need to Know

Recorded on: Jun. 24, 2015
Running Time: 01:04:19

Full Transcript:

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Financial Reporting Developments: What Audit Committees Need to Know [01:00:23]

This program covers topics related to revenue recognition and issues being addressed by the FASB/IASB; the impact of key FASB projects: Leasing, Financial Instruments, and Going Concern standards; emerging Issues Task Force developments; and private company accounting standard-setting.

Moderator: Catherine L. Bromilow
Speakers: Linda L. Griggs, Jim Kroeker, Glen Davison, Donald T. Nicolaisen, Joe Ucuzoglu

Upon the successful completion of this program, the participant will be able to:

  • Recall the revenue recognition standard and its predicted impact on financial reporting and audit committees.
  • Identify some key FASB projects impacting financial reporting.
  • Differentiate among some recent Emerging Issues Task Force developments.
  • Recognize recent developments with respect to private company accounting standards.

Course Overview:

The revenue recognition standard

  • Issues being addressed by FASB and IASB
  • Impact on audit committees     
    • Required disclosures and SAB 74
    • Implementation

Impact of key FASB projects

  • Leasing standard
  • Financial instruments standard
    • Going concern standard
    • Simplification initiative
  • Disclosure framework project and the entity’s decision process
    • The issue of materiality

Emerging Issues Task Force developments

Developments in private company accounting standards

CPE Program Level:


Intended Audience:

Financial and legal professionals connected to corporate financial reporting and disclosure, particularly audit firm members, auditors, audit committee members, and their legal counsel.


A background in financial statement reporting and disclosure, and SEC financial reporting compliance.

Advance Preparation:


Instructional Method:

QAS Self-Study


July 2018

The purchase price of this segment includes the following article from the Course Handbook available online:
  • Revenue from Contracts with Customers: The Standard Is Final—A Comprehensive Look at the New Revenue Model
    Catherine L. Bromilow
  • New Revenue Guidance—Where Does It Stand (April 2015)
    Catherine L. Bromilow
  • The Quarter Close: A Look at This Quarter’s Financial Reporting Issues, Directors Edition
    Catherine L. Bromilow
  • Achieving Excellence: Overseeing Financial Reporting
    Catherine L. Bromilow
  • Accounting Roundup: First Quarter in Review—2015
    Joseph B. Ucuzoglu
Catherine L. Bromilow ~ Partner, Governance Insights Center, PwC
Glen Davison ~ KPMG LLP
Linda L Griggs ~ Senior Counsel, Morgan, Lewis & Bockius LLP
James L. Kroeker ~ Vice Chairman, Financial Accounting Standards Board
Donald T. Nicolaisen ~ Independent Director, Verizon Communications, MGIC Investment Corp., Zurich Insurance Group, Morgan Stanley
Joseph B. Ucuzoglu ~ Chairman and Chief Executive Officer , Deloitte & Touche LLP
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