Implementing FASB's Revenue Recognition Standard and Preparing for the Lease Accounting Revolution Webcast


March 7
8:00 a.m. - 4:00 p.m.

CPE Credits



PICPA Member: $249 | Nonmember: $349

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Course No.


Grasp the fundamental principles of the contract-based approach to revenue recognition developed by FASB and IASB. Understand how the new approach to revenue recognition will affect companies in a variety of industries. Become familiar with multiple deliverables and their effect on revenue and cost calculations. Grasp the fundamental principles of the contract-based approach to revenue that are set out in ASU 2014-09. Understand how the transition from operating leases to capitalization will affect companies of all sizes. Learn how the balance sheet treatment of leases will alter financial statement numbers, ratios, and loan covenants.


  • Asset-based approach to revenue recognition
  • Analyzing contacts and performance obligations
  • More complex transactions – An examples-based approach
  • Continuous delivery and percent of completion
  • Contract costs and onerous obligations
  • Disclosures – A different approach
  • Asset-based approach to revenue recognition
  • Analyzing contacts and performance obligations
  • Continuous delivery and percent of completion
  • Multiple deliverables and contract separation
  • Disclosures – a different approach
  • Asset-liability approach to leases and its effect on the balance sheet
  • Right-of-use model for lessees and lessors


Dr. Ray Thompson, CMA, CFM, CBA

Dr. Ray Thompson is Emeritus Associate Professor of Accounting & Finance at the University of Pittsburgh. He served as department head at the UPJ campus for over 25 years. He was also Associate Director of UPJ’s Entrepreneurial Development Assistance Project, where he was involved in financial consulting and assisting in preparing loan proposals for small business start-ups.

He has taught in graduate and undergraduate business programs in Europe, Africa and the US. He received his B.S. and M.S. degrees in Economics and Systems Dynamics from the University of Bradford in the United Kingdom, his M.B.A. in Accounting from Xavier University of Ohio, and his Doctor of Business Administration from Nova University. Ray is also certified in Financial Management and is a Certified Management Accountant and Certified Business Appraiser. He recently became certified in International Financial Reporting Standards though the Institute of Chartered Accountants in England and Wales.

Ray is a professional educator and writer. He authors and conducts professional development seminars for Fortune 500 and international corporations, multinational financial institutions, State CPA Societies, and CPA firms throughout the US. In addition to these live seminars, he also produces both recorded and written courses for self study. He also provides business valuation services and consults with accounting firms and sole practitioners on a range of accounting issues in the area of valuation. Ray was part of the George & Ray team which offered Accounting & Auditing courses for over 20 years.

Ray is a member of the Institute of Management Accountants and the Institute of Business Appraisers. He is also a faculty associate member of AICPA and PICPA, and is a member of the Financial Reporting Faculty of ICAEW. He lives in Bedford County, PA, and can be reached at (814) 839-0143 by phone or at


William G. Engelbret, CPA, PhD
Associate Professor
Pennsylvania State University

William G. Engelbret is an Associate Professor of Accounting at Penn State Altoona, where he has taught for three decades. Recently, Dr. Engelbret served as the Head of the Division of Business and Engineering at Penn State Altoona for nine years. He holds a BA in Accounting from Thiel College, an MBA from the University of Pittsburgh, and a PhD in Accounting from the Pennsylvania State University. He is a licensed CPA. He has received numerous teaching awards from Penn State including the prestigious George W. Atherton Award for Excellence in Teaching. He has published a number of articles, a book, and a television series. Bill is a member of the American Institute of Certified Public Accountants (AICPA) and the Pennsylvania Institute of Certified Public Accountants (PICPA).