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FEI Chicago Virtual Professional Development Session “GAAP/Technical Accounting Update”

FEI Virtual Professional Development Session
“GAAP/Technical Accounting Update” with Plante Moran


WHEN
Thursday, September 30, 2021
5:00—6:00PM CT

WHERE
Via Zoom.
A link to the webinar will be sent via email to all registrants the day before the session.

Open to all! No charge to attend.
Online Registration Only. RSVP by Wednesday, September 29. 
1 CPE credit offered. 
 
Join us on Thursday, September 30 from 5:00 - 6:00 pm for our Annual GAAP/Technical Accounting Update presented by Plante Moran. This will be a virtual session. Although the FASB and other standard setters have issued relatively few pronouncements since last September, there are a number of disclosures potentially impacted by COVID-19 still in 2021, such as Payroll Protection Program loan forgiveness and lease modifications. 

Public company lease accounting has been greatly impacted by COVID-related lease restructurings, cancellations, etc. requiring accounting treating and disclosure. Private companies [and NFPs] have until 2022 to implement the new lease standard, but companies with more than 5 - 10 leases might need to seriously consider a system solution to the complex accounting.     

Another pronouncement affecting all companies with trade accounts receivable balances is the CECL (Current Expected Credit Loss) standard. Although a few years away for private companies, this standard will require an allowance for doubtful accounts to be established for all amounts due, not just past due aging buckets as is common today. Banks and financial institutions incurred major expenses to model the credit history of their loan and derivative portfolios needed to establish the loan loss expense and related allowance. This will require a change from current practice for private companies [and NFPs].

Many business loans are tied to LIBOR.  This variable rate is being phased out in a few years and a new "reference rate" will need to be referenced in all variable loan agreements currently referencing LIBOR.  If impacted, companies [and NFPs] should start discussions with their lenders in advance of this change.

Join us to learn about these and other changes, such as changes to auditor independence rules, that may impact your relationship with your auditors.
 

Speakers

Felicia Donaldson

Principal
Plante Moran

Kara Fahrenbach

Senior Audit Manager
Plante Moran

John O'Connor

Partner
Plante Moran