Revenue Recognition & FASB’s New Lease Standard: Practical Approaches, Implementation, and Examples

Dec 18
8:00 - 4:00 p.m.

Penn State Great Valley - Main Bldg
Malvern - Map

8-A&A
CPE Credits

Get a comprehensive explanation of ASU 2014-09 (Revenue Recognition) and its impact on your company or clients. Become familiar with fundamental principles of the contract-based approach to revenue. Analyze real-life, industry-specific implementation issues using the FASB's five-step approach. Prepare to navigate through transition, disclosure, and presentation challenges.

Gain an understanding of how the transition from operating leases to capitalization will affect companies of all sizes. Review the fundamental principles of the right-to-use model for capitalizing leases. Distinguish which lease contracts are scoped into and out of the standard. Learn how the balance sheet treatment of leases will alter financial statement numbers, ratios, and loan covenants. Discuss the transition and disclosure implications of the new standard.

Highlights
Revenue Recognition: Practical Approaches to Implementation

What can be learned from companies who have already implemented revenue recognition
Analyzing contracts using the five-step model
Accounting for contract pricing uncertainties
Percent of completion and long-term contracts
Multiple deliverables and contract separation
Capitalizing contract costs
Effective date and transition implications
How GAAP for warranties, advanced payments, returns, and variable pricing will change

Implementing FASB's New Lease Standard: Examples and Practical Approaches

What was wrong with lease accounting?
The asset-liability approach to leases and its effect on the balance sheet
The effect of lease changes on covenants and potential lender reaction
Definitions of lease and real-life examples
Renewal, termination, and other lease-specific issues
Practical strategies to reduce the burden of implementation
Transition and presentation considerations
Lease capitalization in non-GAAP reporting

Registration

PICPA Member: $249
Nonmember: $349

More Information

Course No. 753302

Level: Update

Prerequisites: None

Notes

Taught by the course author!

Speaker(s)

Ray Thompson

Assoc Professor Accounting & Finance

University of Pittsburgh - Johnstown

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 drrayt@verizon.net.

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