Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know

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  • Date/Time
    • Dec 2, 2021
    • Sign In: 7:45am (MT)
    • Program: 8:00am - 11:30am (MT)
    • Add to Calendar
  • Location
    • ISCPA Enrichment Center
      1649 W Shoreline Drive #202
      Boise, ID 83702
    • Map
  • Credits
    • 4.00
  • Credit Type(s)
    • Accounting (4.00)
  • Prerequisites
    • Experience in the application of accounting standards

  • Vendor
    • AICPA
  • Level
    • Intermediate
  • Fields of Study
    • Accounting & Auditing
    • Accounting
    • Auditing
  • Message
    • 1/2 hour lunch included if attending both am & pm

Description

Please Join Us Virtually

The effective date of FASB ASC 606, Revenue from Contracts with Customers, is upon us! Do you know which contracts are within the scope of the standard and when revenue should be recognized at a point in time of over time? This course answers those questions by providing a basic understanding of the five-step process for recognizing revenue under FASB ASC 606. Supported by practical examples, this course addresses core principles that all CPAs need to know. Recent updates to this course include the latest guidance from FASB, industry-specific examples taken from the AICPA Audit and Accounting Guide Revenue Recognition, as well as disclosure illustrations.

Designed For

  • Accountants in public practice, industry, and academia who need an update on the latest revenue recognition guidance

Objectives

  • Recognize principles of FASB ASC 606.
  • Recognize requirements for identifying a contract under FASB ASC 606.
  • Recognize performance obligations under FASB ASC 606.
  • Recognize requirements for determining a transaction price under FASB ASC 606.
  • Recognize requirements for allocating a transaction price under FASB ASC 606.
  • Highlights

  • 5-step process for recognizing revenue
  • Advanced Prep

    • Download Manual
    • Review ISCPA Parking Map

    Register Now

    Please see the event description for details on how to register for this event.

    If you have any questions, please email us at cpe@idcpa.org.

    Leaders

    Bruce Shepard

    Bruce Shepard, CPA Las Vegas, Nevada

    Bruce Shepard was most recently an assistant professor of accounting at George Fox University and an adjunct professor of accounting at the University of Oregon, prior to becoming an instructor for the AICPA in 2012. From 2006-2010, Mr. Shepard was the Chief Financial Officer of Las Vegas Gaming, Inc. in Las Vegas, Nevada, where he had full management responsibility for all financial affairs, daily business operations, administration and human resources. From 1985-2006, Mr. Shepard was in charge of the Middle Market Practice for PricewaterhouseCoopers, LLP in Portland, Oregon, where he served as an Assurance Partner from 1989-2006 focusing on providing proactive business advisory services to fast-growing companies.

    At PricewaterhouseCoopers, LLP, Mr. Shepard spearheaded over 100 acquisitions and divestitures by leading in the financial structuring and negotiations. He worked with clients to develop strategic plans for short-term and long-term growth. He assisted both start-up companies and beyond start-up companies with attaining their needed growth capital. Mr. Shepard wrote an article, Financing Entrepreneurs, in 1999 for the Oregon Society of Certified Public Accountants. Mr. Shepard was awarded “Beta Alpha Psi Professional of the Year” in 2006 for sustained involvement with the University of Oregon.

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