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Wednesday, November 16, 2022 Live Webcast

Revenue Recognition: Mastering the New FASB Requirements (E2211863)

8:45 AM - 4:30 PM EDT

Registration: 8:45 AM EDT

webcast

Vendor Platform

8 CPE Credits in AA

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

Cecil Nazareth

Cecil Nazareth, CPA, CA, MBA
(4.1)

Principal

Cecil K. Nazareth, ACA, CPA, MBA IFRS Partners / New York, New York Cecil Nazareth is a partner with IFRS Partners, a small firm in New York City which specializes in IFRS Education, training, consulting and conversion. Clients include CPA firms and some SMEs mainly subsidiaries of foreign parents. Cecil is an Indian Chartered Accountant and a US CPA and understands the differences between IFRS and US GAAP having practiced in both arenas. He spoke at the Diamond Jubilee of Indian Chartered Accountants of India (ICAI) on the role of a Global accountant and IFRS. He also shared the stage with an SEC representative and lead Big 4 partner advising the Chinese Govt. on IFRS at a recent Asian American conference. He has conducted several IFRS training sessions including sessions for the ICAI and the Bombay stock exchange. Cecil was the Director of AICPA’s Internal Audit and Strategy. In that key role he worked on the AICPA overall strategic goals and organizational development. He worked closely with the CEO and developed and implemented an Executive Performance Measurement system and Balanced Score Card. Cecil pioneered the ISO 9001:2000 Quality program at the AICPA and led it to becoming the first professional organization certified in the United States. Previously Cecil worked with AICPA’s SEC Practice Section reviewing Technical issues peer reviews of several large CPA firms performing SEC related work. Before joining the AICPA, Cecil was an Audit supervisor at Ernst and Young specializing in the Financial service industry. His international experience includes the practice in the Middle East and India. He has an MBA in finance from Fordham University and Information Technology from Columbia University in NYC. 9-2009 LH

PRICING

$289.00 - Member

$439.00 - Nonmember

Pre-Registration Closed

Online pre-registration for this event is now closed.

ADDITIONAL OPTIONS

Print a registration form

COURSE DEVELOPER

American Institute of CPAs