UNDERSTANDING & ADOPTING THE NEW REVENUE RECOGNITION STANDARD
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Course Details

Overview of Topics

  • Core Revenue Recognition Principle6 mins
  • Five Step Process8 mins
  • Customer Control Over Promised Good or Service30 mins
  • Performance Obligations Satisfied Over Time32 mins
  • Recognition of Revenue Over Time36 mins
  • Variable Revenue That is Recognized Over Time39 mins
  • Accounting for Costs44 mins
  • ADOPTING THE NEW REVENUE RECOGNITION STANDARD49 mins
  • Recognition Issues – All Transactions56 mins
  • Examples of Transactions to Consider Upon Adoption64 mins

Course Description

It appears that the new revenue recognition standard, FASB Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers, has been deferred for the last time and will be required of all entities reporting under GAAP for periods ending after December 15, 2019 which is for the year 2020 for calendar year entities.  Unfortunately, entities that wait until year-end, when they are preparing their 2020 financial statements may have difficulty accumulating the information necessary to apply it correctly and to meet the disclosure requirements.  The sooner an entity begins the process, the easier the transition will be.

This program will provide a summary of the key issues involved in adopting and applying the new revenue recognition.  Emphasis will be on what is changing in relation to provisions of the standard becoming obsolete.  The disclosure requirements of the new pronouncement will also be reviewed, along with suggestions as to how to disclose the initial adoption and disclosure in subsequent periods

A significant portion of the program will be devoted to understanding the assets and liabilities that may appear on the balance sheet due to the new standard and how to determine the appropriate carrying values.  That information will be used to construct the initial journal entry necessary upon adoption.

Highlights of the Webinar

  • Transactions that fall under the new standard
  • Accounting for transactions that are not revenue contracts with customers
  • Recognition and measurement of assets and liabilities that will appear on the balance sheet once the standard has been adopted
  • Disclosure requirements of the new revenue recognition standard

Learning objectives

  • To identify the main provisions of the new revenue recognition standard
  • To identify the main provisions of the new revenue recognition standard
  • To recognize how to measure the carrying values of each asset and liability as of initial recognition and at subsequent dates
  • To recall the adjustment necessary to initially adopt the new standard
  • To evaluate how to provide information to comply with disclosure requirements in a manner that will improve the usefulness and understandability for the benefit of financial users

About Presenter

Mark provides CPE and technical staff training for CPA firms, private industry, state CPA societies, and government organizations.  His topics include accounting, SSARS, ethics, fraud, internal and external auditing, internal control development (COSO), entrepreneurship, and developing a business plan.  Mark is in the process of initiating a new entity, The Internal Control Institute, which will be offering CPE and staff training related to internal controls, and in conjunction with professors from Claremont Graduate University, will be providing internal control consulting.

Mark is also an expert witness in the defense of CPAs in cases involving primarily ethics, fraud, and compliance with standards in the performance of professional services.

Mark also provides consulting services to CPA firms with an A & A practice that do not have an expert on GAAP or requirements of Professional Standards within the firm.  He addresses such matters as conformity with GAAP, adequacy of disclosures, compliance with professional standards, risk assessment, development and performance of audit and review processes, engagement documentation, compilation and preparation engagements, ethics and independence requirements, assessing and enhancing internal controls for the firm and clients, preparation for peer review, and staff training and CPE.  He also provides consulting services related to client management and marketing.

Mark’s public accounting experience includes working with Kenneth Leventhal & Company and more recently, he was a partner at NSBN, a Beverly Hills CPA and business consulting firm. Mark’s industry experience includes serving as assistant controller of a large trucking and warehousing firm along with controller and Vice President of Finance and Administration for major real estate development companies.  Mark also spent nearly 30 years as an entrepreneur, operating a company that prepared individuals for the CPA exam nationwide.

Mark has been involved in accounting education at CSU Northridge, CSU San Bernardino, Loyola Marymount University and UCLA.  He obtained his bachelor’s degree in accounting from CSU Northridge. He obtained his Executive MBA at the Peter Drucker and Masatoshi Ito School of Management at Claremont Graduate University, where he previously had been a student of Dr. Drucker’s.  He also obtained an Internal Control Certificate from COSO.  Until recently, he authored “Knowledge Based Preparation, Compilation, and Review Engagements” for CCH and updated their checklists for SSARS engagements.  He also served as Senior Editor for Roger CPA Review.

Mark Currently provides CPE and technical staff training for CPA firms, private industry employers of accountants, and government organizations on topics that include accounting, compilation and review, fraud, internal and external auditing, developing internal controls, strategic planning, and practice management.  He is also the Senior Editor for Roger CPA Review Course and authors CCH’s “Knowledge-Based Compilations and Reviews”.

Mark’s public accounting experience includes working with various local firms throughout high school and college, and employment with Kenneth Leventhal & Company. More recently, he was a partner at NSBN, a Beverly Hills CPA and business consulting firm, where he served as director of the audit practice and was responsible for recruiting, training, business development, quality control, and strategic planning for the firm. Mark’s industry experience includes serving as assistant controller of a large trucking and warehousing firm. He has been both a controller and the Vice President of Finance and Administration for major real estate development companies.  Mark also spent nearly 30 years as an entrepreneur, operating a business that prepared individuals for the CPA exam.

Mark taught his first university accounting class in 1969 and has been involved in accounting education since, most recently a visiting lecturer at California State University at San Bernardino.

Mark obtained his bachelor’s degree in accounting from California State University at Northridge. He obtained his Executive MBA at the Peter Drucker and Masatoshi Ito School of Management at Claremont Graduate University, where he previously had been a student of Dr. Drucker’s.

Review Questions

  • Question 1 : 00:15
  • Question 2 : 00:30
  • Question 3 : 00:45
  • Question 4 : 01:05
  • Question 5 : 01:22
  • Question 6 : 01:50
  1. When revenue should not be recognized?
  2. Which are revenue recognition issues?
  3. Which is acceptable approaches for adopting the new standard?
  4. Amount of consideration to which entity expects to be entitled in exchange for transferring goods or services known as:
  5. Which are transactions with special provisions that may generate balance sheet accounts?
  6. What is potentially applicable to assets and liabilities for recognition issues?
  1. What is the effective date of the new revenue recognition standard for nonpublic entities not having adopted standard?
  2. Which criteria to be considered in contract?
  3. How many steps are there in the revenue recognition process?
  4. Which costs may be recognized as assets?
  5. Which is not principles of GAAP?
  6. When annual period is begins?
  7. Which factors are considered in determining when customer obtains control?
  8. How many parties required for valid contract?
  9. _________ is an accounting principle is a cornerstone of accrual accounting together with the matching principle. They both determine the accounting period in which revenues and expenses are recognized.
  10. When interim periods within annual premium begins?

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Reviews

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  • DA
    David Adams , CPA
    Jul 8th 2020
    I have taken several courses from your company and this one is the ONLY one I felt was truly worth my time. The instructor was fantastic!

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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.

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  • Cost $20
  • CPE Credits 2
  • Subject Area Accounting
  • Course Level Basic
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Recorded Date July 02 ,2020
  • Published Date July 02 ,2020
  • Who should attend? Accountant CPA - Small Firm CPA - Mid Size Firm Accounting Firm CPA (Industry) Young CPA Entrepreneurial CPA Accounting Practice Owners Senior Accountant VP Accounts Accounts Director Entrepreneurial Accountant Accounting Managers Staff of Accounting Firm
  • Handout Material Download
  • Key Terms Download

On-Demand Webinars

GENERALLY ACCEPTED GOVERNMENT AUDITING STANDARDS: THE NEW YELLOW BOOK (LATEST FOR NON-PROFIT)
Thursday, October 15, 2020 View Details/Register
CUTTING THE GORDIAN KNOT: ECHECK FRAUD, MOBILE BANKING FRAUD, CHECK 21 & HOLDER IN DUE COURSE
Tuesday, October 13, 2020 View Details/Register
CYBERSECURITY BASICS FOR ACCOUNTING & TAX COMMUNITY
Monday, October 12, 2020 View Details/Register
Ethics for Wyoming CPAs
Friday, October 09, 2020 View Details/Register
CYBERSECURITY ESSENTIALS FOR TAX PREPARER
Friday, October 09, 2020 View Details/Register
FORENSIC ACCOUNTING : VALUE ADDED SKILL FOR EVERY ACCOUNTANT
Thursday, October 08, 2020 View Details/Register
TAX FIRM MARKETING: 5 ESSENTIAL DIGITAL STRATEGIES FOR UNCERTAIN TIMES
Thursday, October 08, 2020 View Details/Register
COMPREHENSIVE GUIDE TO IDENTITY THEFT WITH CASE STUDIES
Thursday, October 08, 2020 View Details/Register
UNDERSTANDING FRAUD, THE BASICS
Wednesday, October 07, 2020 View Details/Register
NEW CYBER FRAUDS & CYBERSECURITY INTERNAL CONTROLS (POST PANDEMIC)
Wednesday, October 07, 2020 View Details/Register
Accounting Changes and Error Corrections (2 CPE)
Thursday, August 27, 2020 View Details/Register
Corporate External Financial Reporting Decisions
Tuesday, September 29, 2020 View Details/Register
Internal and System Controls
Tuesday, September 29, 2020 View Details/Register
Common Issues with Financial Ratio Analysis
Tuesday, September 29, 2020 View Details/Register
PRACTICAL QB TRAINING - YEAR END CLOSING, ANALYSIS, BEING TAX/AUDIT READY
Friday, September 25, 2020 View Details/Register