Race Toward Implementation: Tackling the Tough Issues in Adopting the New Revenue Recognition Standard (SMAA51)

Thursday, June 29, 2017 | 8:30 AM - 4:00 PM (Registration at 8:00 AM) EST | South Carolina Association of CPAs, Cayce

Instructor

Jeffrey Lieman

Description

Whether you are ready or not, the effective date of the new revenue recognition standard is right around the corner. The time to execute your implementation plan is now. Are you ready? In this course, in addition to reviewing the five-step revenue recognition model and the recent updates that impact the standard, we will explore some industry specific topics that have been challenging for entities adopting the new standard. Topics covered include identifying performance obligations, licenses, customer loyalty programs, other "material right" option, plus other transition issues such as the impact on income taxes and financial systems. As you sprint toward implementation, this course will help make sure that the wind stays at your back.

Objectives

  • Apply the FASB's new revenue recognition guidance found in ASU No. 2014-09
  • Describe the FASB's new five-step revenue recognition model
  • Discuss the presentation and disclosure requirements in the new standard
  • Utilize hands-on examples and illustrations to increase your overall understanding and application of the material
  • Comprehend industry and issue specific guidance related to revenue recognition
  • Identify operational implementation issues related to adopting the new standard

Cost

Early Bird Registration: $289 SCACPA Members (by 6/8/2017)
Standard Registration: $314 SCACPA Members, $414 Non-Members
Firm Discount: ($15)
Reciprocal Discount: ($100)
Bundle and Save Discount: ($20)

Major Topics

  • ASU No. 2014-09, Revenue from Contracts with Customers
  • The FASB's new five-step revenue recognition model, including hands-on examples and illustrations of the new guidance
  • Presentation and disclosure requirements
  • Recent ASUs that provide implementation guidance for the standard
  • Industry specific implementation issues and guidance
  • Identifying performance obligations
  • Accounting for licenses
  • Identifying a "material right" in an option
  • Other operational issues related to implementation

DETAILS

Course Code:
SMAA51

Credits:
1.00 Accounting

Field of Study:
Accounting, Auditing

Vendor:
Surgent McCoy CPE, LLC

Course Type:
Seminars

Level:
Intermediate

Prerequisite:
Experience in financial accounting and reporting

Advanced Preparation:
None

Location

1300 12th Street, Suite D, Cayce, SC, 29033

 

Sponsors