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Monday, April 27, 2020 Webcast

Revenue Recognition: Mastering the New FASB Requirements (E2004193)

8:30 AM - 4:30 PM EDT

Registration: 8:00 AM EDT

Webcast


8 CPE Credits in AA
New Location - VIRTUAL/WEBCAST ONLY. NO IN-PERSON

OVERVIEW

This course also covers special considerations, such as warranties, licensing, acting as a principal versus an agent, incremental costs of obtaining a contract with a customer (FASB ASC 340-40, Other Assets and Deferred Costs—Contracts with Customers) and the extensive disclosure requirements along with a useful summary table. Supported by practical examples, this course includes the latest updates from FASB, industry-specific examples taken from the AICPA Audit and Accounting Guide Revenue Recognition and many disclosure illustrations.

DESIGNED FOR

Accountants in public practice and industry who need an update on the latest revenue recognition guidance.

BENEFITS

This course is intended to familiarize the learner with the core principles, requirements for presentation and disclosure, and special considerations of FASB ASC 606. When you complete this course you will be able to:
  • Recognize principles of revenue recognition.
  • Recognize requirements for identifying a contract with a customer.
  • Recognize performance obligations.
  • Recognize requirements for determining a transaction price.
  • Recognize requirements for allocating a transaction price.
  • Identify the requirements for recognizing revenue.
  • Recognize special considerations for implementing FASB ASC 606 and FASB ASC 340-40.
  • Recognize financial accounting and reporting requirements.

HIGHLIGHTS

The effective date of FASB ASC 606, Revenue from Contracts with Customers, is upon us! If you’re looking to master this new major standard, look no further. This course examines details of the five core principles to provide you with an in-depth understanding:
  • Go beyond the basics of step one, “Identify the contract with a customer” — explore collectibility, reassessment criteria and enforceable rights!
  • Move past the fundamentals of step two, “Identify the performance obligations in the contract” — learn about distinct goods or services and combining contracts!
  • Step ahead in step three, “Determine the transaction price” — examine refund liabilities, variable consideration, and accounting policy elections!
  • Rise above the basics of step four, “Allocate the transaction price to the performance obligations in the contract” — learn about stand-alone selling prices, allocation of a discount and changes in the transaction price!
  • Go all in with step five, “Recognize revenue when (or as) the entity satisfies a performance obligation” — determine whether to recognize revenue at a point in time or over time, and how to measure progress toward completion using the input or output method.

COURSE LEVEL

Intermediate

PREREQUISITES

Experience in the application of accounting standards.

ADVANCE PREPARATION

None

INSTRUCTOR

Bruce Shepard

Bruce Shepard, CPA

AICPA

Bruce Shepard, CPA Las Vegas, Nevada Bruce Shepard was most recently an assistant professor of accounting at George Fox University and an adjunct professor of accounting at the University of Oregon, prior to becoming an instructor for the AICPA in 2012. From 2006-2010, Mr. Shepard was the Chief Financial Officer of Las Vegas Gaming, Inc. in Las Vegas, Nevada, where he had full management responsibility for all financial affairs, daily business operations, administration and human resources. From 1985-2006, Mr. Shepard was in charge of the Middle Market Practice for PricewaterhouseCoopers, LLP in Portland, Oregon, where he served as an Assurance Partner from 1989-2006 focusing on providing proactive business advisory services to fast-growing companies. Bruce has many years of trusted business advisor experience around Portland, Oregon where he practiced for 33 years. In addition, Bruce has taught all of the accounting and auditing classes, fraud and forensics, pension auditing, SAARS, COSO, and governmental accounting and auditing classes for the AICPA for the last six years including being the lead instructor on GASB 68. Presently, Bruce is the author of the AICPA course, Audits of Banks and Other Financial Institutions.

At PricewaterhouseCoopers, LLP, Mr. Shepard spearheaded over 100 acquisitions and divestitures by leading in the financial structuring of the transactions. He worked with clients to develop strategic plans for short-term and long-term growth. He assisted both start-up companies and beyond start-up companies with attaining their needed growth capital. Mr. Shepard wrote an article, Financing Entrepreneurs, in 1999 for the Oregon Society of Certified Public Accountants. Mr. Shepard was awarded “Beta Alpha Psi Professional of the Year” in 2006 for sustained involvement with the University of Oregon. Bruce has received the 2017 AICPA Outstanding Discussion Leader Award for her practical approach, enthusiasm, and lively seminars.

PRICING

Webcast: Attend this seminar virtually

    $279.00 - Member

    $379.00 - Nonmember

AICPA members receive a discount of $30 for this event.

Pre-Registration Closed

Online pre-registration for this event is now closed.

ADDITIONAL OPTIONS

Print a registration form

COURSE DEVELOPER

American Institute of CPAs