Understanding & Adopting the New Revenue Recognition Standard
Registration Fee: $49
December 8, 2020 – 2:00 pm – 4:00 pm (2.0 CPE)
Advanced Preparation: None
Field of Study: Accounting
It appears that the new revenue recognition standard, FASB Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers, has been deferred for the last time and will be required of all entities reporting under GAAP for periods ending after December 15, 2019 which is for the year 2020 for calendar year entities.
Unfortunately, entities that wait until year-end, when they are preparing their 2020 financial statements may have difficulty accumulating the information necessary to apply it correctly and to meet the disclosure requirements. The sooner an entity begins the process, the easier the transition will be.
This program will provide a summary of the key issues involved in adopting and applying the new revenue recognition. Emphasis will be on what is changing in relation to provisions of the standard becoming obsolete. The disclosure requirements of the new pronouncement will also be reviewed, along with suggestions as to how to disclose the initial adoption and disclosure in subsequent periods.
A significant portion of the program will be devoted to understanding the assets and liabilities that may appear on the balance sheet due to the new standard and how to determine the appropriate carrying values. That information will be used to construct the initial journal entry necessary upon adoption.
- Transactions that fall under the new standard
- Accounting for transactions that are not revenue contracts with customers
- Recognition and measurement of assets and liabilities that will appear on the balance sheet once the standard has been adopted
- Disclosure requirements of the new revenue recognition standard
Accounting professionals working in business who are responsible for preparing or approving their entity’s financial statements, which may include financial vice presidents, controllers, chief accountants, accounting managers, supervisors, and staff. It is also designed for CPAs in public practice who assist their clients with bookkeeping and accounting, including preparing the financial statements and CPAs who audit, review, or compile client financial statements.
- Learn the main provisions of the new revenue recognition standard
- Identify assets and liabilities that are to be recognized under the new standard
- Determine how to measure the carrying values of each asset and liability as of initial recognition and at subsequent dates
- Understand the adjustment necessary to initially adopt the new standard
- Evaluate how to provide information to comply with disclosure requirements in a manner that will improve the usefulness and understand-ability for the benefit of financial users
Mark Dauberman, Bio
Mark provides CPE and technical staff training for CPA firms, private industry, state CPA societies, and government organizations. His topics include accounting, SSARS, ethics, fraud, internal and external auditing, internal control development (COSO), entrepreneurship, and developing a business plan. Mark is in the process of initiating a new entity, The Internal Control Institute, which will be offering CPE and staff training related to internal controls, and in conjunction with professors from Claremont Graduate University, will be providing internal control consulting.
Mark is also an expert witness in the defense of CPAs in cases involving primarily ethics, fraud, and compliance with standards in the performance of professional services.
Mark also provides consulting services to CPA firms with an A & A practice that do not have an expert on GAAP or requirements of Professional Standards within the firm. He addresses such matters as conformity with GAAP, adequacy of disclosures, compliance with professional standards, risk assessment, development and performance of audit and review processes, engagement documentation, compilation and preparation engagements, ethics and independence requirements, assessing and enhancing internal controls for the firm and clients, preparation for peer review, and staff training and CPE. He also provides consulting services related to client management and marketing.
Mark’s public accounting experience includes working with Kenneth Leventhal & Company and more recently, he was a partner at NSBN, a Beverly Hills CPA and business consulting firm. Mark’s industry experience includes serving as assistant controller of a large trucking and warehousing firm along with controller and Vice President of Finance and Administration for major real estate development companies. Mark also spent nearly 30 years as an entrepreneur, operating a company that prepared individuals for the CPA exam nationwide.
Mark has been involved in accounting education at CSU Northridge, CSU San Bernardino, Loyola Marymount University and UCLA. He obtained his bachelor’s degree in accounting from CSU Northridge. He obtained his Executive MBA at the Peter Drucker and Masatoshi Ito School of Management at Claremont Graduate University, where he previously had been a student of Dr. Drucker’s. He also obtained an Internal Control Certificate from COSO. Until recently, he authored “Knowledge Based Preparation, Compilation, and Review Engagements” for CCH and updated their checklists for SSARS engagements. He also served as Senior Editor for Roger CPA Review.
Mark Currently provides CPE and technical staff training for CPA firms, private industry employers of accountants, and government organizations on topics that include accounting, compilation and review, fraud, internal and external auditing, developing internal controls, strategic planning, and practice management. He is also the Senior Editor for Roger CPA Review Course and authors CCH’s “Knowledge-Based Compilations and Reviews”.
Mark’s public accounting experience includes working with various local firms throughout high school and college, and employment with Kenneth Leventhal & Company. More recently, he was a partner at NSBN, a Beverly Hills CPA and business consulting firm, where he served as director of the audit practice and was responsible for recruiting, training, business development, quality control, and strategic planning for the firm. Mark’s industry experience includes serving as assistant controller of a large trucking and warehousing firm. He has been both a controller and the Vice President of Finance and Administration for major real estate development companies. Mark also spent nearly 30 years as an entrepreneur, operating a business that prepared individuals for the CPA exam.
Mark taught his first university accounting class in 1969 and has been involved in accounting education since, most recently a visiting lecturer at California State University at San Bernardino.
Mark obtained his bachelor’s degree in accounting from California State University at Northridge. He obtained his Executive MBA at the Peter Drucker and Masatoshi Ito School of Management at Claremont Graduate University, where he previously had been a student of Dr. Drucker’s.