FEI Chicago September Professional Development

FEI Chicago September Professional Development
Annual GAAP/SEC Accounting Update

WHEN
Thursday, September 19, 2019
3:00—5:30 pm

WHERE
The Metropolitan Club
233 S. Wacker Dr., Michigan Room 66th Floor, Willis Tower, Chicago

Registration and Refreshments 3:00pm; Program 3:30pm-5:30pm
Free to FEI Chicago Chapter Members; $25 for Guests      

"Annual GAAP/ SEC Accounting Update"
The FEI Chicago Chapter hosts an update on major developments that may affect your company's accounting and financial reporting, including recently and soon-to-be-effective FASB standards having wide applicability to all members' companies.
 
The major item to be discussed this year is the major accounting standard on lease accounting. The lease pronouncement now requires all operating leases to be recorded as a right-to-use asset and related lease obligation on the balance sheet with different P&L recognition for operating vs. finance (capital) leases. The leasing standard needs to be implemented in 2019 by public companies.  Non-public companies just got a one-year reprieve, but Crowe professionals will warn any procrastinators that implementation is extremely challenging!  We’ll hear about complex items like embedded leases and determining the lease discount rate.
 
Although most public companies have already adopted the new revenue recognition standard, non-public entities may be in the process of implementing this standard in 2019. Representatives from Crowe will not dive into the Revenue Recognition standard to the level of the Five-Step Model we've heard about in prior years, but will discuss key leanings from public companies, especially the intricacies of expanded disclosures requiring modified processes and potentially systems solutions.
 
We’ll learn about the new CECL (Current Expected Credit Loss) rules impacting the bad debt calculation recorded against trade accounts receivable for most companies.  Again, non-public companies just received a one-year delay, but again, especially for financial institutions, delay is not advisable.
  
In addition, we’ll hear about the accounting implications of eliminating the LIBOR benchmark lending rate impacting many member’s companies’ borrowings. The FASB has several simplification efforts in progress, including debt/equity and share-based payment (stock compensation or options) accounting and a rather narrow scope item affecting deferred revenues “trimmed” in acquisitions under current accounting. Technical accounting experts from Crowe LLP will help us understand these impacts and how best to address our concerns in the short time remaining for some of these items.