CPE Course FASB's "Big 3" – Revenue Recognition, Leases, and Financial Instruments

May 30, 2018

8:30am — 4:15pm

Location Manchester

Member Price $279.00
Non-member Price $379.00

Curriculum Accounting & Audit

Field of Interest Accounting (General)

Level Intermediate

Designed For

Practicing CPAs and their staffs, both in public accounting and business and industry -- controllers, accountants, and other financial accounting personnel involved in financial statement preparation and review

Objective

Sometimes we can avoid addressing the elephant in the room for a while. However, when there are three elephants in the room, it's time to address the issues. Designed for practitioners and their staff, whether in public accounting or business and industry, this course provides a comprehensive review and update of the FASB’s Big 3 accounting and reporting areas -- Revenue Recognition, Leases, and Financial Instruments. We will focus on recently issued Accounting Standards Updates, covering these critical areas of your practice or organization. We will analyze the Big 3, which have a major effect on all industries, using examples and illustrations to provide a hands-on approach that will help you better assess and implement the new standards and guidance applicable to your clients or organization.

Objectives:
* Understand and apply the FASB’s new revenue recognition standard found in ASC Topic 606 
* Review the FASB’s new lease accounting guidance
* Be familiar with the FASB’s financial instruments project covering the new ASUs dealing with recognition and measurement, impairment, and hedging

Highlights

* The FASB’s comprehensive new revenue recognition standard, Topic 606, Revenue from Contracts with Customers, and recent updates to the standard
* The new five-step principles-based revenue recognition model
* Revenue presentation, disclosures, and implementation guidance and illustrations
* Key differences between current U.S. GAAP and the new revenue recognition guidance
* The FASB’s new ASU, Leases (Topic 842) 
* Overall lease accounting guidance
* Lessee vs. Lessor accounting
* Sale and leaseback transactions
* The FASB’s issued ASUs relating to financial instruments on recognition and measurement, impairment, and hedging

Instructors

Jeffrey Lieman CPA

Jeff Lieman is currently a Chief Examiner for the Maryland Insurance Administration where he is responsible for solvency examination of Maryland Domestic Insurance companies and concurrently heads his own local consulting firm in Owings Mills, MD. Jeff's previous experience has included serving as a Director for Ellin & Tucker, Chartered where he developed two new niche areas for the firm and supervised numerous audit service engagements. Jeff trained staff in many areas of accounting, administration and consulting and provided training services on a national level to other organizations. He reviewed numerous accounting systems and assisted in the selection and implementation of automated systems, helped develop policies and procedures for technology usage, work paper development, administrative procedures and other office policies, and also provided Peer Review Services (SEC section). Jeff also served as a Senior Manager with KPMG/Baltimore. At KPMG he maintained client relations, marketed audit, tax and consulting services, and managed audit related services for publicly traded and privately held entities. His clients included real estate ventures, printing and publishing companies, electronic manufacturers, wholesale distributors, retail stores, financial institutions, construction contractors, Governmental units, and various nonprofit organizations. Mr. Lieman has been a national trainer for KPMG where he developed training materials for staff and instructors and is recognized nationally as a lecturer for various technology and accounting topics and has been quoted in various trade journals. He was elected Chairman of the Year by the Maryland Association of CPAs for chairmanship of the Computer Resources Committee.close

Prerequisites

Experience in financial accounting and reporting

Developer

Surgent McCoy CPE, LLC

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