Total Credits: 4 including 4 Accounting - Technical
The new FASB 606 on revenue recognition supersedes nearly all current revenue recognition provisions, including industry-specific guidance and replaces it with a more principles-based approach, which is not a five step process. This is mark-ably different than the all-events test used for tax purposes. The new standard is effective January 1, 2018 for public companies and January 1, 2019 for private companies - That's right around the corner! Now is the time to dig in and start getting up to speed on these critically important issues.
* Apply the new financial accounting concepts in the revenue recognition setting
* Gain a working knowledge of accounting rules as they relate to revenue recognition
* Discuss planning and potential pitfalls.
* Identify the contract(s) with a customer
* Identify the performance obligations in the contract
* Determine the transaction price
* Allocate the transaction price to the performance obligations
* Recognize revenue as the business satisfies a performance obligation
Important CPE Credit Information_READ BEFORE WEBCAST UPDATED (0.47 MB) | Available after Purchase |
FASB's New Revenue Recognition Standard ASC 606 _Slides (0.61 MB) | Available after Purchase |
FASB's New Revenue Recognition Standard ASC 606 _Q&A (14.8 KB) | Available after Purchase |
Doug is a lively and energetic speaker – especially on the subject of taxes and ethics. He has been a highly rated speaker and seminar leader for CPA Associations and other organizations throughout the country for more than 18 years.
Doug has over 25 years of professional experience, including tax practice in CPA firms and the practice of transactional business and real estate law as an attorney. As a CPA, Doug’s practice concentrated on the tax needs of closely held businesses, with their related pass-through entities, complex individual returns, estates and trusts.
Doug taught for 12 years as an Adjunct Instructor and for one year as Assistant Professor of Accounting and Taxation for Grand Valley State University’s Seidman College of Business, where he taught in both the undergraduate and MST programs. He earned his Bachelor of Arts degree with a major in accounting from Dordt College and his Juris Doctor from the University of Illinois College of Law.
Doug is an avid sailor and lives with his wife Mary and three children in Byron Center, Michigan.
Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org
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