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

Dec 16
8:00 - 4:00 p.m.

DoubleTree by Hilton Pittsburgh Cranberry
Mars - Map

8-A&A
CPE Credits

Grasp the fundamental principles of the contract-based approach to revenue set forth in ASU 2014-09 and subsequent updates. Analyze and account for contracts, performance obligations, and consideration. Learn how basic guidance is interpreted in more complex transactions.Examine how the transition from operating leases to capitalization will affect businesses of all sizes. Grasp the fundamental principles of the right-to-use model for capitalizing leases. Determine which lease contracts are scoped into the standard
Highlights

Effect of multiple deliverables and percent of completion issues on revenue realization
How GAAP for warranties, advance payments, returns, and variable pricing will change
Industry-specific implementation issues using FASB’s five-step approach
Transition, disclosure, and presentation challenges. Asset-liability approach to leases and its effect on the balance sheet
Effect of lease changes on covenants and the likely lender reaction
Lease capitalization in non-GAAP reporting
Practical strategies to ease the burden of implementation
Renewal, termination, and other lease-specific issues
What was wrong with lease accounting?

Registration

PICPA Member: $249
Nonmember: $349

More Information

Course No. 753301

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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