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What is the best way to become current with GAAP and SEC reporting?

For someone who has been a CPA for years but has not kept current, what is the most effective and efficient way to become current with GAAP and SEC reporting? Started not keeping up around 1999.

Answers

EMERSON GALFO
Title: CFO
Company: C-Suite Services
LinkedIn Profile
(CFO, C-Suite Services) |

What's the goal or reasoning (aside from the obvious "continued learning")? What have you been doing all these years? So, it depends. I will go on a limb and say that your "base" knowledge is not too far off the current standards.

I am sure a lot will chime in but I will recommend an unconventional approach (kinda of a short cut but also informative and fun).... READ ANNUAL REPORTS. especially the Notes to Financials part. Pick an industry and pick an industry leader then search for their financials. You will understand their practices/policies from revenue recognition to expense practices. If a practice/reporting is different from what you already know, you can use that as a starting point to research further.

Anonymous
(CFO) |

Thanks, that is a good suggestion. You are correct, I do not consider my knowledge base to be too far off. Specific areas I need to come up to speed on are Revenue Recognition, Derivative accounting (debt primarily), detail cash flow preparation (identifying and treatment of non-cash items in the Cash Flow Statement, as well as capturing of all the cash transactions), acquisition accounting, foreign exchange accounting, fair value accounting, etc.

I am torn between taking a CPA Exam course, study specific topics, or something else?

Appreciate any input.

Topic Expert
Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO, SBAConsulting.com) |

Take courses on those areas. Illumeo.com offers a large number of courses on the areas that you mention.

Go to seminars/webinars given by Proformative, your state CPA society and others.

Ask your CPA firm who is supposed to be up on these pronouncements.

Lastly, asking specific questions here may elicit responses that can assist you.

Topic Expert
Marc Faerber
Title: CFO
Company: Amarantus
(CFO, Amarantus) |

Thanks, Wayne, appreciate the input. I looked through the courses and a number of them do address some of my topics. Excellent recommendation.

Topic Expert
Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO, SBAConsulting.com) |

Glad I could help

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