Guide To The New Revenue Recognition Model For All CPAs [REV4]

Nov 10, 2017
Time: 12:30pm-4:00pm

Subject:

Industry / Accounting & Auditing

Credit Hours:

4.00

Price:

Member: $150.00
Non-member: $225.00

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Discussion Leader:

Jeffrey Lieman, CPA    more info

Lieman Associates LLC / Owings Mills, Maryland

Jeff Lieman currently heads his own consulting firm in Owings Mills, Maryland. He provides consulting services, contractual assistance services, and training to CPAs, their firms and their clients on matters related to US and international accounting principles, auditing standards, governmental auditing standards, and business planning services. Jeff’s previous experience included serving as the Chief Financial Examiner for the Maryland Insurance Administration and being a Director for Ellin & Tucker, Chartered. As the Chief Financial Examiner, Jeff was responsible for the solvency examination of the Maryland domestic insurance companies. While Jeff was a Director for Ellin & Tucker, Chartered, he developed two new niche areas for the firm and supervised numerous audit service engagements. Jeff trained staff in many areas of accounting, administration and consulting and provided training services on a national level to other organizations. He reviewed numerous accounting systems and assisted in the selection and implementation of automated systems, helped develop policies and procedures for technology usage, work paper development, administrative procedures and other office policies, and also provided Peer Review Services (SEC section). Jeff also served as a Senior Manager with KPMG/Baltimore. At KPMG he maintained client relations, marketed audit, tax and consulting services, and managed audit related services for publicly traded and privately held entities. His clients have included real estate ventures, printing and publishing companies, electronic manufacturers, wholesale distributors, retail stores, financial institutions, construction contractors, Governmental units, and various nonprofit organizations.

Mr. Lieman has been a national trainer for KPMG where he developed training materials for staff and instructors and is recognized nationally as a lecturer for various accounting, auditing and technology topics and has been quoted in various trade journals. He was elected Chairman of the Year by the Maryland Association of CPAs for chairmanship of the Computer Resources Committee.

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Website registration for this course closes on November 3, 2017. To register after this date please contact the society at akcpa@ak.net or 907-562-4334.

Full Description

Guide to the New Revenue Recognition Model for All CPAs (REV4)

November 10, 2017

ACS Business Technology Center
600 East 36th Avenue, Suite 100
Anchorage, AK

LATE REGISTRATION POLICY
For registrations received less than 21 days from the course date will be charged a late fee of $50 for each 8 hour course and $25 for each 4 hour course and $12.50 for each 2 hour course.

Designed for accounting and auditing practitioners at all levels in both public accounting and business and industry, this course provides a thorough review of the FASB's comprehensive new
revenue recognition guidance found in ASU No. 2014-09, Revenue from Contracts with Customers. The course begins with a quick overview of the new guidance from 30,000 feet, before diving into the details of the FASB's new five-step revenue recognition model. Additional guidance, presentation, and disclosures are then covered before the course wraps up with a brief look at changes already being proposed lo the new guidance. Plenty of examples are used to illustrate the practical application of the ins and outs of the new guidance (including journal entries) to help you better understand and apply the complexities of this completely revamped area of accounting. It is important to note that while the FASB had decided to defer the original effective date of ASU No. 2014-09 by one year for both public and nonpublic entities, this does not mean that entities should delay investigating the impact of the new standard given their specific circumstances. Revenue recognition changes could impact wording in contracts, tax planning strategies, budgets, debt covenant compliance, incentive compensation plans, and more. In other words, this comprehensive change in revenue recognition is so much more than simply understanding the resulting debits and credits in the financial statements. As such, it is imperative that all accounting and auditing practitioners at all levels, in both public accounting and business and industry, begin their review and preparation for implementing ASU No. 2014-09 NOW.

Major Topics:
- ASU No. 2014-09, Revenue from Contracts with Customers, and recent updates
- The FASB's new five-step revenue recognition model including hands-on examples and illustrations of the new guidance
- Presentation and disclosure requirements

Learning Objectives:
- Explain the FASB's new revenue recognition guidance found in ASU No. 2014-09 and recently issued updates
- Describe the FASB's new five-step revenue recognition model
- Discuss the presentation and disclosure requirements in the new standard
- Utilize hands-on examples and illustrations to increase your overall understanding and application of the material

Designed For: Accounting and auditing practitioners at all levels desiring to understand the FASB's new revenue recognition guidance

CPE Credits: 4, Accounting

Level of Knowledge: Intermediate

Prerequisite: Experience in financial accounting and auditing

Acronym: REV4

Discussion Leader: Jeffrey Lieman, CPA