Your financial reports may never look the same again
If you are responsible for preparing financial statements, it’s time to listen up. Thanks to the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB), there are whole new set of revenue reporting rules—and your job is about to get more complicated. Companies will be implementing the new standards for revenue recognition (ASC 606) and lease accounting (ASC 842) from today until well into 2020. So it’s imperative that you begin to learn the basics of these new standards—now.
This session, presented by experienced accountant Samuel Monastra, will focus on the current changes in financial reporting—paying particular attention to issues that will affect professionals who prepare financial statements. You will understand how to identify the contract, performance obligation, and transaction price for revenue recognition purposes. Plus, you’ll use a five-step process to apply the new revenue recognition rules.
The objective of this course is to provide an overview of new guidance regarding topics of particular interest to professionals responsible for preparation of the financial statements. Plus, Monastra will briefly discuss the impact of the Tax Cuts & Jobs Act (ASC 740) on your financial reporting. After attending, you will be equipped to begin implementing the new, important accounting standards in your everyday work.
This compliance-focused presentation will explain:
The FASB/IASB Convergence Project’s rule-change objectives
The 5-step revenue recognition application model
How to identify the contract for revenue recognition purposes
How to identify the performance obligation for revenue recognition purposes
How to identify and determine the transaction price for revenue recognition purposes
The right-of-use model in lease accounting
The 5 criteria for finance leases/sales-type leases
Samuel A. Monastra, CPA has more than 20 years of experience in public accounting. He is a recognized expert in financial reporting with a particular emphasis on Revenue Recognition, IASB/ FASB Convergence, IFRS, Business Combinations, Asset Impairments, and Financial Statement Disclosures. Samuel h...