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Course Level :Basic
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Credits :2
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Instructional Method :Group Internet Based
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Pre-requisites :None
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Advance Preparation :None
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:
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.
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.
Director, Kenneth Heaslip CPA
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.
Cullari Carrico, LLC is a well-established quality certified public accounting firm. For decades, our partners have offered a fully diversified range of services and expertise to both business and individual clients.
Our firm provides complete tax, accounting, auditing, management and personal consulting services to a wide range of businesses as well as individual clients. We have concentrated knowledge in numerous areas including real estate management and construction, manufacturing and wholesale distribution, private schools for students with disabilities, medical and health care, veterinary, non profits, hospitality and various other service industries. In addition, we also provide advisory services.
We are proud to have received the highest possible ranking from the Peer Review Program of the American Institute of Certified Public Accountants. This places our firm amongst the leaders of our industry. Our dedicated professional staff are at your service to address all your business and personal tax needs.
In the September 2020 issue of Accounting Today, Cullari Carrico, LLC was named as, “2020 Best Accounting Firms to Work For.”
3 Ratings
MN
Mar 9th, 2022
Instructor was very knowledgeable, even proving supplemental information.
2 Credits
Subject Area
May 18, 2022 | 09:00 AM EDT
May 18, 2022 | 09:30 AM EDT
May 18, 2022 | 09:30 AM EDT
May 18, 2022 | 10:00 AM EDT
May 18, 2022 | 10:00 AM EDT
May 18, 2022 | 10:00 AM EDT
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