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Friday, April 9, 2021 Live Webcast

Revenue Recognition: Mastering the New FASB Requirements (X3-2206463)

9:00 AM - 5:00 PM 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

Renee Rampulla

Renee Rampulla, CPA, CGMA

Renee Rampulla, CPA, CGMA has over 30 years of professional experience. She writes and lectures on technical accounting and auditing issues. Renee has experience in the auditing of public and privately held entities ranging from the manufacturing and service sectors to financial services.

She was a partner in a regional accounting firm in the northeast in charge of the firm’s accounting and auditing practice and their quality control group. She is the founder of Rampulla Advisory Services, LLC. Her clients include nationally recognized professional organizations, accounting firms, companies, publishers, and others. By devoting several years of her career to both regional and Big Four accounting firms Renee accumulated a wealth of technical and practical knowledge. In addition, while working for the American Institute of Certified Public Accountants (AICPA), she performed professional ethics investigations; collaborated closely with senior technical committees; presented technical guidance before standard setters; and authored and updated several AICPA publications.

Renee Rampulla is a frequently requested speaker and is an instructor and author of several continuing professional education (CPE) courses for the AICPA, numerous State CPA Societies, and other organizations, covering a variety of FASB and IFRS accounting guidance along with private and public company auditing standards. She has taught over 1,000 CPE courses.

She is a five-time recipient of the AICPA’s Outstanding Instructor Award and a recipient of the 2016 New Jersey Society of CPAs “Women of Note”.

Renee Rampulla is a national standard setter, who currently serves as a member of the AICPA’s Auditing Standards Board (ASB). She just completed a three-year term as a member of AICPA council and served on the AICPA’s Ethics Enforcement Committee. She has served as Vice President of Professional Issues for the New York State Society of CPAs (NYSSCPA), is a past member of the NYSSCPA Executive Committee and former NYSSCPA Director at Large board member. Renee Rampulla also served as the chair of the NYSSCPA’s Professional Ethics Committee from 2015 – 2017, and in 2018 was the President of the NYSSCPA’s Staten Island Chapter. Previously she served in the capacity of several leadership positions for the NYSSCPA Staten Island chapter, including chapter Vice President. She is a member of the NYSSCPA’s Financial Accounting Standards Committee; Sustainability Committee; and Professional Liability Committee and a past member of the International Accounting and Auditing Committee. Renee chaired the NYSSCPA’s 2014 Nominating Committee and was a recent member of that committee in 2021. She served on the New Jersey Society of CPA (NJCPA) Audit Committee from 2015 - 2018; was the 2012 – 2014 Chair of the NJCPA Accounting and Auditing Standards Interest Group and previously served as the 2011-2012 Vice-Chair. She has also served as co-chair of the NJCPA Accounting Standards and IFRS sub-committees of the Accounting and Auditing Standards Interest Group. Renee Rampulla has also chaired two NYSSCPA Task forces, the CPA Evolution Task Force, and the CPA Exam Task Force.

For several years Renee was an adjunct lecturer at Hunter College, a City University of New York City, teaching various undergraduate accounting, auditing, and research courses.

PRICING

$279.00 - Member

$339.00 - Nonmember

Pre-Registration Closed

Online pre-registration for this event is now closed.

ADDITIONAL OPTIONS

Print a registration form

COURSE DEVELOPER

AICPA/NJCPA