ASU 2014-09, as amended (Topic 606) will impact most U.S. GAAP financial statements either due to measurement and recognition changes from legacy U.S. GAAP and/or additional disclosure requirements compared to prior guidance. This new 8-hour program will review the key provisions of the ASU, identify and apply the new five-step revenue recognition model with detailed examples/case studies for each step, describe the new disclosure requirements, as well as discuss transition and business implications of the new guidance. In addition, industry implementation guidance developed by the AICPA will be discussed. This program was developed and will be presented from the perspective of the practitioner preparing and disclosing the financial information necessary to comply with the new ASU.
CPAs and other accounting professionals in industry and public practice.
- Recognize how the new revenue guidance differs from legacy revenue guidance
- Identify and describe the five steps involved in applying the new revenue recognition model and the industry implementation guidance developed by the AICPA
- Identify and illustrate the increased disclosures required in the ASU for both public and non- public entities
- Identify the transition requirements to be applied upon the effective date of ASU 2014-09, as amended
- Objectives and scope
- Five-step revenue recognition model
- Specialized topics
- Industry implementation guidance
- Presentation and disclosure
- Transition guidance and business implications
Basic knowledge of U.S. GAAP.
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Kenneth A. Heaslip, CPA, CGMA
Director of Operations
Loscalzo Associates, Ltd.
Kenneth Heaslip, MS, MBA, CPA, CGMA, licensed as a CPA in New Jersey, is a discussion leader and Content
Specialist Instructor for Loscalzo Associates Ltd., a division of SmartPros, a Kaplan company. Kenn has
extensive experience teaching all levels of accounting, auditing, and other practice-related areas. He has served as Vice President and Trustee of the New Jersey Society of CPAs, Secretary of their Scholarship Fund, President of the Essex Chapter, and chair of several task forces. He is an active member of many society committees in accounting and auditing, taxation, and student programs, as well as past chair of the Educators Committee. Kenn currently serves on the NJCPA Professional Conduct Committee. He is a Director at Leaf, Miele, Manganelli, Fortunato & Engel LLP, a regional CPA firm in New Jersey and New York City.
Kenn has been a Professor of Accounting at Bloomfield College and Kean University, as well as an Executive in
Residence at Seton Hall University, where he was the students’ choice as Educator of the Year two years in a
row. He taught in the Executive MBA program at Rutgers University and has been with Becker CPA Review since
1983, serving as National Director for several years. As National Director, he was lead editor of course content
and oversaw the hiring and training of 350 instructors on staff. Kenn has lectured extensively throughout the
United States, Canada, and Asia.
Kenn earned his BA from Rutgers University and has an MS in taxation and MBA in finance from Seton Hall