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 (US 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, US 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 US 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.
- 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.
This Live Webinar Covers These Hot Issues:
- Importance of Revenue
- Why Did the FASB Develop a Single Revenue Standard?
- Effective Date and Transition Methods
Overview of ASC Topic 606
Implementation Considerations and Insights
Credit Information (Sponsored by Lorman Education Services):
- Enrolled Agents
For Detailed Credit Information page click here
Only registered attendee will receive continuing education credit.
Robert Luman, MorganFranklin Consulting, LLC
- Senior manager with MorganFranklin Consulting, LLC
- More than 18 years of experience in accounting, consulting, and auditing
- Prior to joining MorganFranklin, he was 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 firstname.lastname@example.org
Dee Mirando-Gould, Moss Adams LLP
- Managing director, Technical Accounting Consulting, Moss Adams LLP
- More than 25 years of experience in accounting, consulting, and auditing. Prior to joining Moss Adams, Dee 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 Bachelor of Business Administration in Accounting degrees
- Can be contacted at 703-407-2767 or email@example.com