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100-minute live streaming program
  • September 17
  • 1:00 - 2:40 pm EST

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New Revenue Standard and Implementation Approach

September 17

Gain a better understanding of the rules for revenue recognition under GAAP, as well as current issues companies are facing with this new revenue standard.

Revenue is one of the most important financial statement measures to both preparers and users of financial statements in assessing an entity’s financial performance and position. Generally accepted accounting principles in the United States (U.S. GAAP) comprised broad revenue recognition concepts and numerous requirements for particular industries or transactions that could result in different accounting for economically similar transactions. In addition, U.S. GAAP differed from International Financial Reporting Standards (IFRS) and both needed improvement. In May 2014, the Financial Accounting Standards Board issued ASC Topic 606, Revenue from Contracts with Customers, and ASC Subtopic 340-40, Other Assets and Deferred Costs; Contracts with Customers, and the International Accounting Standards Board issued IFRS 15, Revenue from Contracts with Customers, to improve financial reporting by creating common revenue guidance for U.S. GAAP and IFRS. The core principle of the new revenue guidance is that entities should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

Learning Objectives

  • You will be able to discuss the decisions entities need to make to apply the new revenue standard.
  • You will be able to explain how to apply the five-step model for recognizing revenue from contracts with customers.
  • You will be able to recognize revenue transactions that require significant judgment in applying the new revenue standard.
  • You will be able to discuss challenges companies are facing operationalizing the new revenue standard.

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Introduction
  • Importance of Revenue
  • Why Did the FASB Develop a Single Revenue Standard?
  • Effective Date and Transition Methods
Overview of ASC Topic 606
  • Scope
  • Applying the Five-Step Model
    • Identify the Contract With the Customer
    • Identify the Performance Obligations in the Contract
    • Determine the Transaction Price
    • Allocate the Transaction Price to Performance Obligations
    • Recognize Revenue When (or as) Performance Obligations Are Satisfied
  • Principal vs. Agent Considerations
  • Licensing
  • Contract Costs
Implementation Considerations and Insights
  • Key Planning and Assessment Activities
    • Performing Initial Contract Analysis
    • Assessing Potential System Impacts
    • Determining Transition Method
    • The Importance of Project Management
    • Working With Auditors
    • Managing the Transition Within Your Organization
  • Key Implementation Activities
    • Performing Expanded Contract Analysis
    • Assessing Process and Internal Controls Impacts
    • Assessing Financial Reporting Impacts
    • Communicating Changes to Stakeholders
    • Other Considerations
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on March 26, 2019.

Call 1-866-352-9540 for further credit information.

  • Enrolled Agents 2.0
     
  • This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Live Webinar Registration

  • AIPB 2.0
     
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.5
     
  • The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, Inc. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • CT CLE 1.5
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
     
  • GA CLE 1.5
     
  • This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.5 CLE hours.
     
  • HI CLE 1.5
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
     
  • IL CLE 1.5
     
  • This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
     
  • ME CLE 1.5
     
  • This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.5 hours of CLE credit under M. Bar R. 12.
     
  • MS CLE 1.7
     
  • This program has been approved by the Mississippi Commission on Continuing Legal Education for a maximum of 1.7 credit hours.
     
  • MT CLE 1.75
     
  • This program has been approved by the Montana Commission of Continuing Legal Education for a total of 1.75 CLE credits.
     
  • NH MCLE 1.7
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 100 Minutes.
     
  • NJ CLE 2.0
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 2.0 hours of total CLE credit.
     
  • NV CLE 1.5
     
  • This program has been approved by the Nevada Board of Continuing Legal Education for 1.5 CLE hours.
     
  • PA CLE 1.5
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 2.0
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 2.0 hours of CLE credit.
     
  • TN CLE 1.67
     
  • This program has been approved as a distance learning format by the Tennessee Commission on Continuing Legal Education for a maximum of 1.67 hours of credit.
     
  • VT CLE 1.5
     
  • This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hours of CLE credit.
     
  • WA CLE 1.5
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 hours of Law & Legal Procedure credit.
     
  • WI CLE 2.0
     
  • This program has been approved by the Board of Bar Examiners for 2.0 hours for use toward the Wisconsin Mandatory CLE requirement.
     
  • WV MCLE 2.0
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 2.0 MCLE hours.
     
  • Enrolled Agents 2.0
     
  • This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     
  • CPE 2.0 including Taxes 2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.0 hours. Prerequisite: basic knowledge of taxation. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     
  • Lorman Business Center, Inc. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Taxation for 2.0 hours.
     

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Who should attend?

This live webinar is designed for accountants, CPAs, CFOs, controllers, accounts payable professionals, tax managers, tax preparers, finance directors, presidents, vice presidents, bookkeepers, attorneys and enrolled agents.

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Robert Luman

Robert Luman

Moss Adams LLP

  • Senior manager, Technical Accounting Consulting, Moss Adams LLP
  • More than 18 years of experience in accounting, consulting, and auditing
  • Prior to joining Moss Adams, he was a senior manager with MorganFranklin Consulting, a principal consultant at Infosys, Inc., and held various roles within the audit divisions of Big 4 and national public accounting firms
  • Has deep experience in revenue recognition, including implementation of the new accounting standard over this area; accounting issues related to mergers and acquisitions; financial instruments; stock compensation; and regulatory and reporting issues under both the Securities and Exchange Acts of 1933 and 1934
  • Regularly leads internal firm technical training sessions
  • Certified Public Accountant in the State of Washington and Texas (Inactive)
  • B.B.A. degree in finance and accounting, Texas A&M University
  • Can be contacted at 202-794-9329 or [email protected]
Dee Mirando-Gould

Dee Mirando-Gould

Moss Adams LLP

  • Managing director, Technical Accounting Consulting, Moss Adams LLP
  • More than 27 years of experience in accounting, consulting, and auditing; prior to joining Moss Adams, she led the Technical Accounting Resource Center at MorganFranklin Consulting, wrote auditing standards at the PCAOB, and held various auditing roles at PricewaterhouseCoopers LLP
  • Focuses most of her time on initial public offerings and complex accounting and reporting issues, including accounting for revenue transactions under existing and the new revenue standard; leases under existing and the new lease standard; business combinations; derivatives and hedging; stock-based compensation; variable-interest entities and other consolidations issues; and debt and equity instruments and related embedded features
  • Presents regularly at seminars on recent accounting pronouncements and financial reporting issues
  • Wrote publications on accounting and financial reporting issues, including the JOBS Act of 2012 and the new revenue standard
  • Certified Public Accountant in the State of Washington and Alaska
  • M.B.A. and a B.B.A. degree, in accounting
  • Can be contacted at 703-407-2767 or [email protected]
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Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 406260
Published 2019
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