Dangers Improper Rev. Recognition & Related Party Transactions [DIR2-RPT2]
Time: 12:15-3:45
Subject:
AccountingCredit Hours:
4.00Price:
Member: $150.00
Non-member: $225.00
Discussion Leader:
Gregory M. Clark, CPA
more info
Gregory M. Clark, CPA, CGMA, is a Principal with the Business Compliance & Controls Group (BCCG), an accounting and consulting firm specializing in technical audit and accounting training and consulting, employee benefit plan audits, compliance and training, internal controls consulting and training, and assessments, technical accounting consulting, and engagement quality control review services.
With more than 39 years of experience in the financial statement assurance and business compliance field, Greg has participated in all aspects of numerous attest engagements, including plan audit and business risk assessments, plan internal control assessment and design, plan regulatory compliance, financial reporting and quality control assessments, and administration contract compliance. BCCG provides technical accounting and auditing consulting services, continuing professional education services, quality control and effectiveness reviews, and compliance assistance to small businesses and CPA firms performing attest engagements.
Greg is a nationally known speaker on employee benefit plans, technical accounting and auditing, operational auditing and internal controls evaluations, integrated auditing, organizational risk assessments, and various other topics. In 2019, he received the Surgent Outstanding Discussion Leader Award because of his consistently high evaluations for knowledge and presentation skills. Greg currently serves on the AICPA EBP Expert Panel, the AICPA Employee Benefit Plan Conference Program, the Georgia CPA Society Southeastern Accounting Show Task Force, and the Georgia Employee Benefit Plan Conference Committee. Greg has worked with accountants and auditors from throughout the world; many Fortune 500 companies; and numerous local, regional, and national CPA firms and small business clients as well as more than 46 state CPA society CPE organizations.
closeWebsite registration for this course closes on August 4, 2015. To register after this date please contact the society at akcpa@ak.net or 907-562-4334.
Full Description
Dangers of Improper Revenue Recognition & Related Party Transactions- A Recurring IssueAugust 5, 2015 Afternoon Sessions
AKCPA Office
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.
Headline after headline points out how pervasive improper revenue recognition is. Finally, the FASB has added a project to revisit revenue recognition. Through lecture and short case write-ups, this program will identify improper revenue recognition techniques. In addition, the program will address quality of earnings so much in the forefront in this scandal-ridden environment.
Major Topics:
General revenue recognition principles New revenue recognition guidance as a result of a joint FASB/IASB project Accounting for product financing arrangements Accounting for sales of real estate Software revenue recognition Service transactions and construction contracts Improper revenue recognition: A problem for the profession Other deceptive revenue recognition practices.
Learning Objectives:
Participants will be able to:
Identify creative accounting practices used to deceive financial statement users
Identify those risk characteristics normally associated with fraudulent financial reporting
Apply accounting rules the right way
Designed For: Practitioners in industry and in public practice.
Level of Knowledge: Basic
Acronym: DIR2
Related Party Transactions A Recurring Issue
Related party transactions are often the most difficult for accountants and auditors to manage due to these transactions not being separately identified when transaction activity takes place. Related party transactions are often used to commit fraud and more often are simply hidden by management because they do not want third parties to be aware of these transactions. This program will identify the accounting and disclosure guidance associated with related party transactions (ASC 850), address form over substance related party transactions, provide examples of related party frauds, and describe best practices for identifying undisclosed related party transactions. Related party disclosures will also be addressed.
Major Topics: A closer look at related party transactions and the related accounting
guidance Related party frauds Best practices, related party disclosures
Learning Objectives: Participants will be able to identify, account, and disclose related party transactions.
Designed For: Accountants in public practice and industry.
CPE Credits: 4, Accounting
Level of Knowledge: Basic
Acronym: RPT2
Discussion Leader: Gregory Clark, CPA
Qualifies for the 24 hour Yellow Book requirement if an auditor has FASB Yellow Book clients. Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditors Yellow Book clients. Note that the determination of course qualification is a matter of an auditors professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80 hour requirement.
