What We’ve Learned from Implementation of the Revenue Standard

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What We’ve Learned from Implementation of the Revenue Standard

Learning Objectives

To study the concepts in revenue recognition.
To determine when a contract that involves revenue should be recognized.
To be able to identify performance obligations.
To be able to compute the transaction price.
To study how to properly recognize revenue under Topic 606.

Course Description

On May 28, 2014, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) jointly issued Accounting Standards Codification (ASC) 606, regarding revenue from contracts with customers.

ASC 606 provides a uniform framework for recognizing revenue from contracts with customers. The old guidance was industry-specific, which created a system of fragmented policies. The updated revenue recognition standard is industry-neutral and, therefore, more transparent. It allows for improved comparability of financial statements with standardized revenue recognition practices across multiple industries.

For years, revenue recognition has been the cause of audit failures and the focus of corporate abuse and fraud allegations. Today, we have FASB ASC 606, a new standard that is critical to understand before it can be successfully implemented.

The new revenue recognition standard has been implemented by all entities. The implementation process was long, detailed, controversial, and full of uncertainty. The principles-based standard requires analysis and discussions about various approaches. In many cases, issues raised were not anticipated and met with disagreement.

This CPE Accounting course will address many issues that were raised and discuss many areas that require detailed analysis. It will focus on what companies have learned in implementing the standard.

The focus will be on the application of the five steps in revenue recognition:

What constitutes a contract
Determination of performance obligations
Computation of the transaction price
Allocation of the transaction price
Recognition of revenue

With a few years under their belt since Topic 606’s introduction, most organizations have a good handle on the provisions of the new guidance. Those who implemented early can now focus their attention on refining their documentation, while later adopters benefit from some of the lessons learned that are now becoming best practices for successful implementation.

Webinar Qualifies For

2 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
2 General Credit of Accounting for Accountant/Bookkeeper/Tax Professionals
2 CPE Credit of Financial Accounting for Certified Internal Auditors (CIA)
2 CPE Credit of Accounting for Certified Fraud Examiner (CFE)
2 CPE Credit of Financial Reporting for Certified Management Accountants (CMA)
2 CPE Credit of Financial accounting for Certified Valuation Analyst (CVA)
2 CPD Credit of Financial Reporting for Accredited in Business Valuation (ABV)
2 CPD Credit of Financial Reporting for Certified Financial Forensics (CFF)
2 PL Credit of Accounting for Chartered Financial Analyst (CFA)
2 CPE Credit of Accounting for Certified Government Financial Manager (CGFM)
2 CPE Credit of Accounting for Internal Audit Practitioner (IAP)
2 CPE Credit of Financial accounting for Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA)
2 CE Credit of Financial accounting concepts for Certified FP&A Professional (FP&A)
2 CPE Credit of Accounting for Qualification in Internal Audit Leadership (QIAL)
2 PL Credit of Accounting for CIPM

About Instructor

Kenneth Heaslip

Director, Cullari Carrico, LLC

Kenneth Heaslip, MS, MBA, CPA, CGMA, licensed as a CPA in New Jersey, has extensive experience teaching all levels of accounting, auditing, and in other practice-related areas. He is an active member of the New Jersey Society of CPAs where he has served as Vice President, Trustee, Chapter President, Committee Chair and Task Force Chair. Kenn currently serves on the NJCPA Professional Conduct Committee and is a Director at Cullari Carrico LLC, a regional CPA firm in Northern New Jersey.

Kenn has been a Professor of Accounting at several universities including Seton Hall where he was the students’ choice as “Educator of the Year” two years in a row, and in the Executive MBA programs of Rutgers University and Stevens Institute. He was recently a visiting professor at Mercy College. He previously was the National Director of the Becker CPA Review in charge of all course materials and instruction.

Kenn earned his B.A. from Rutgers University and has an MS in Taxation and MBA in Finance from Seton Hall University.

Additional Information

Duration

2 Hours

Course Level

Basic

Instructional Method

Group Internet Based

Pre-requisites

None

Advance Preparation

None

FAQ’s

Click Here to View

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Ratings and Review

4.5

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Poor

Terrible

Mary Nicks, CPA (US)

Instructor was very knowledgeable, even proving supplemental information.

Tim Kuzma, CPA (US)

Ken did a good job explaining the standard and going through some examples in a limited period of time. I would have liked more discussion around the rationale behind why don't recognize revenue when cash is collected for performance completed to date just because there was uncertainty on the cash collection up front.

2 Credits

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Subject Area

Accounting

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What We’ve Learned from Implementation of the Revenue Standard

Course Details

Learning Objectives

Course Description

Qualifies for

Webinar Qualifies For

Presenter Details

About Instructor

Kenneth Heaslip

Other Details

Additional Information

2 Hours

Basic

Group Internet Based

None

None

FAQ’s

NASBA APPROVED

Ratings and Review

4.5

Mary Nicks, CPA (US)

Tim Kuzma, CPA (US)

Subject Area

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