FEI Chicago Annual GAAP/SEC Update
With Crowe LLP
WHEN
Thursday, September 17, 2020
Webinar 4:00—5:30 pm; Optional Happy Hour 5:30—6:00 pm
WHERE
Via Zoom.
A link to the webinar will be sent via email to all registrants the day before the session.
This event is open to all. No charge to attend. Seats are Limited!
Online Registration Only. RSVP by Tuesday, September 15.
FEI Chicago Annual GAAP/SEC Update with Crowe LLP
It’s that time of the FEI fiscal year for our Annual GAAP/SEC Update, except this year it‘ll be a virtual event. Also, with the coronavirus pandemic and its impact on businesses, major FASB projects like lease and long-term insurance contract accounting, hedging and current expected credit losses (CECL) have been delayed at least a year primarily for private companies. So why have the GAAP/SEC update this year? The coronavirus pandemic and its impact on the economy has impacted numerous FASB disclosures in formal audited financial statements including, but not limited to, the following:
- Triggering events requiring goodwill and intangible impairment reviews
- Required “Going Concern” disclosure about the impact on a company’s financial statements
- A multitude of impacts related to lease modifications and terminations, both under the new lease standard and even if the new standard has not yet been adopted
- Accounting for Paycheck Protection Program (PPP) and related forgiveness
- Potential impact on benefit and stock compensation plans
- Impact on collections and the reserve for uncollectibles, including the new CECL standard, if early adopted
- No Revenue Recognition if collection of the amount billed is not reasonably assured
- New legislation impacting income taxes
And related topics, such as:
- The impact on internal controls from working remotely and
- The impact on the annual audit if conducted 100% remotely.
Newly issued guidance on accounting for convertible instruments and contracts on a company’s own equity will simplify previously.
Our presenters from Crowe will be Sean Prince and David Wentzel. As we’ve noted from prior years, Sean and David work better under the pressure of a looming cocktail hour. We hope you can join us for that.