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Date / Time / Location

Tuesday, November 13, 2018
8:30 AM - 4:30 PM
Registration: 8:00 AM

Pines Manor2085 State Highway 27
Edison, NJ 08817
732-287-2222

CPE Credits

  • 8.00 CPE Credits in AA

Package Pricing

In-Person Registration (E-Materials)
  • $239.00 - Member
  • $339.00 - Non Member
Webcast: New for 2018! Attend this conference virtually.
  • $239.00 - Member
  • $339.00 - Non Member

Course Developer

Pick up tips for increased efficiency, and hear about the most pressing issues in A&A and compilations and reviews from leading industry experts.

Designed For

Whether you are a CPA in public practice or private accounting, this conference is a must to keep you one step ahead in a constantly changing business environment.

Highlights

Agenda

8-8:30 a.m.
Registration and Continental Breakfast


8:30-10:10 a.m.
FASB Update - Part 1
John M. Fleming, CPA, MBA
Part 1 of this session will address implementation issues and business implications associated with applying the new revenue and lease accounting standards. For non-public entities, ASU 2014-09 Revenue from Contracts with Customers is effective January 1, 2019 and ASU 2016-02 Leases is effective January 1, 2020.

10:10-10:25 a.m.
Break

10:25 a.m.-12:05 p.m.
FASB Update - Part 2
John M. Fleming, CPA, MBA
Part 2 of this session will provide an overview of changes made by FASB’s Accounting Standard Updates from the period June 2016 through June 2018.

12:05-12:55 p.m.
Lunch Break

12:55-2:35 p.m.
Concurrent Session 1. Please Choose One.

1A. Revenue Recognition - ASU 2014-09, As Amended, Revenue from Contracts with Customers
John M. Fleming, CPA, MBA
This session will overview the new revenue standard and identify and apply the new five-step revenue recognition model as well as describe and illustrate the new revenue disclosure requirements for both public and non-public entities.

1B. Issues Associated with Tax Basis Presentations
Kenneth A. Heaslip, CPA, MBA
This session will address the presentation and disclosure of tax basis financial statements, including the impact of the new tax law. It will include a discussion on the various options and factors in determining the appropriateness of preparation, compilation, and review reporting.

1C. Current Practice Issues in Peer Review
Rebecca M. Lee, CPA
Peer Review this year? Again, so soon? This “not to miss” session will address the most common peer review matters as identified by the AICPA and the PCAOB. Even though these deficiencies are common doesn’t mean they are new. However, they can contribute to a non-conforming engagement which can result in peer review results of pass with deficiency or worse, a failed peer review. Don’t fall victim to these deficiencies. Join this session to explore the issues and find common sense solutions.

2:35-2:50 p.m.
Break

2:50-4:30 p.m.
Concurrent Session 2. Please Choose One

2A. DOL Update Including New Audit Report Letter and Procedures
Rebecca M. Lee, CPA
Significant changes are coming soon to your Employee Benefit Plan Audits! Don’t miss this critical update. The Department of Labor’s influence and oversight continues on Employee Benefit Plan audits with the new (proposed) audit standard. The limited scope audited, while allowed by DOL, has long been considered a significant risk to auditor. Much of the risk can be attributed to misunderstanding by plan sponsors, fiduciaries and auditors of their respective responsibilities. Clarification has been needed and this standard will provide a better understanding of each parties’ responsibility. The auditor report letter, engagement letter and representation letter will see significant changes while documentation of new specific procedures will be required to ensure that adequate evidence is accumulated to support the report.

2B. Deceptive Accounting Practices
Kenneth A. Heaslip, CPA, CGMA
This session will cover various deceptive accounting practices and the CPAs role in identify frauds and assisting in the implementation of controls to avoid them. It will include a discussion on how financial statements will be impacted by the new revenue recognition standard and how to be prepared for the misapplication of such standards.

2C. Revenue Recognition - ASU 2014-09, As Amended, Revenue from Contracts with Customers (Repeated)
John M. Fleming, CPA, MBA
This session will overview the new revenue standard and identify and apply the new five-step revenue recognition model as well as describe and illustrate the new revenue disclosure requirements for both public and non-public entities.

Help Feed Those in Need

  • The NJCPA Emerging Leaders Council is hosting a Food Drive to benefit the Community FoodBank of New Jersey. Please bring your nonperishable items and canned goods to this event. Peanut butter and tuna fish are always needed.
Pre-Registration Closed

Online pre-registration for this event is now closed.

12:55 PM to 2:35 PM
1A. Revenue Recognition - ASU 2014-09, As Amended, Revenue from Contracts with Customers

This session will review the new revenue standard and identify and apply the new five-step revenue recognition model as well as describe and illustrate the new revenue disclosure requirements for both public and non-public entities.

Instuctor(s)

12:55 PM to 2:35 PM
1B. Issues Associated with Tax Basis Presentations

This session will address the presentation and disclosure of tax basis financial statements, including the impact of the new tax law. It will include a discussion on the various options and factors in determining the appropriateness of preparation, compilation, and review reporting.

Instuctor(s)

12:55 PM to 2:35 PM
1C. Current Practice Issues in Peer Review

Peer Review this year? Again, so soon? This “not to miss” session will address the most common peer review matters as identified by the AICPA and the PCAOB. Even though these deficiencies are common doesn’t mean they are new. However, they can contribute to a non-conforming engagement which can result in peer review results of pass with deficiency or worse, a failed peer review. Don’t fall victim to these deficiencies. Join this session to explore the issues and find common sense solutions.

2:50 PM to 4:30 PM
2A. DOL Update Including New Audit Report Letter and Procedures

Significant changes are coming soon to your Employee Benefit Plan Audits! Don’t miss this critical update. The Department of Labor’s influence and oversight continues on Employee Benefit Plan audits with the new (proposed) audit standard. The limited scope audit, while allowed by the DOL, has long been considered a significant risk to auditors. Much of the risk can be attributed to misunderstanding by plan sponsors, fiduciaries and auditors of their respective responsibilities. Clarification has been needed and this standard will provide a better understanding of each parties’ responsibility. The auditor report letter, engagement letter and representation letter will see significant changes while documentation of new specific procedures will be required to ensure that adequate evidence is accumulated to support the report.

2:50 PM to 4:30 PM
2B. Deceptive Accounting Practices

This session will cover various deceptive accounting practices and the CPAs role in identifying frauds and assisting in the implementation of controls to avoid them. It will include a discussion on how financial statements will be impacted by the new revenue recognition standard and how to be prepared for the misapplication of such standards.

Instuctor(s)

2:50 PM to 4:30 PM
2C. Revenue Recognition - ASU 2014-09, As Amended, Revenue from Contracts with Customers (Repeated)

This session will review the new revenue standard and identify and apply the new five-step revenue recognition model as well as describe and illustrate the new revenue disclosure requirements for both public and non-public entities.

Instuctor(s)

John Fleming

John M. Fleming, CPA, M.B.A.
President
Loscalzo Associates, Ltd.

John M. Fleming, CPA, MBA, is licensed as a CPA in Pennsylvania, and is currently the director, content development, for SmartPros LTD., a division of Kaplan Professional Education. SmartPros is an international educational and training company specializing in accounting, finance, and ethics educational programs. Previously, John served as president and director of accounting and auditing for Loscalzo Associates, a division of SmartPros, for 28 years before retiring. John’s prior practice experience includes audit, tax, consulting, office management, and human resource responsibilities with Deloitte LLP, Richard Eisner & Company LLP, and Ernst & Young LLP. John is a graduate of LaSalle and Drexel Universities with degrees in accounting and finance. He has served as the 1999/2000 president of the 8,300 member Greater Philadelphia Chapter of the Pennsylvania Institute of Certified Public Accountants (PICPA) and currently serves as a member of the Institute’s Accounting and Auditing Technical Committee.

Kenneth Heaslip

Kenneth A. Heaslip, CPA, CGMA
Group Discussion Leader
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 University.

Rebecca Lee

Rebecca M. Lee, CPA, CGMA
Loscalzo Associates

Rebecca Lee, CPA, CGMA, licensed as a CPA in Alabama and South Carolina, is a Group Practice Leader for Loscalzo Associates Ltd. and a Principal with Brooke, Freeman & Lee, having offices in Anniston and Birmingham, Alabama. She serves as the assurance, quality control, and compliance principal with responsibilities for the audit practice.

She has served on numerous AICPA and state society committees, including the AICPA Management Consulting Service Professional Practice Subcommittee, Small Business Consulting Practices Subcommittee, Council of the AICPA, and is a past member of the Institute’s MAS Executive Committee and Personal Financial Planning Executive Committee. She has chaired both the Management Advisory Committee and the Personal Financial Planning Committee of the Alabama Society of CPAs. She currently serves on the South Carolina Association of CPAs’ Peer Review Committee and the Continuing Professional Education Committee.

Rebecca is a group practice leader for all staff level audit training programs, as well as other accounting and auditing technical courses. She is a frequent speaker at CPA conferences and has lectured extensively in the area of management advisory services at professional meetings and seminars for state societies and the American Institute of CPAs. With more than 30 years of experience in the audit and accounting field, Rebecca has served as a discussion leader, technical reviewer, and author of courses for audit and accounting technical courses. She has served as professor of management accounting in the graduate studies (Master in Public and Private Management) program at Birmingham-Southern College in Birmingham, Alabama.

Rebecca holds a BS degree in accounting from Jacksonville State University, Jacksonville, Alabama, along with a master’s degree in accounting from Birmingham Southern College, Birmingham, Alabama. She is a member of the Alabama Society of CPAs, the South Carolina Association of CPAs, and the AICPA.

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Pre-Registration Closed

Online pre-registration for this event is now closed.