Certified Public Accountants:
Case Study Ethics and New FASB Standards Update
When: May 11, 2018 (November 9, 2018 Information will be announced soon)
Where: NMU - Jacobetti Complex, Room 124
Time: Registration: 7:30 a.m.; Program: 8:00 a.m.
Cost: $275; includes lunch.
To Register: https://store.micpa.org/
Presenter: Chris Harper
This course will first provide an interactive, hands-on application of ethical guidelines using scenario-based case studies. Participants will engage with their peers and the instructor to analyze cases and apply guidance from the AICPA Code of Professional Conduct and other sources of ethical guidance. The program will then deep-dive into the new FASB 606 on revenue recognition, which supersedes nearly all current revenue recognition provisions and replaces it with a new five step process. 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. The course wraps up with a discussion of the new Accounting Standards Update No. 2016-02 on leases. Soon nearly all leases will need to be disclosed on the balance sheet - from buildings right down to autos and copiers. Although the greatest impact will be on large entities like Walgreens, this will affect the statements of small and mid-sized entities as well.
- Apply professional ethics guidance to scenarios that professionals may encounter in the practice of public accounting.
- Apply the new financial accounting concepts in the revenue recognition setting.
- Gain a working knowledge of accounting rules as they relate to revenue recognition.
- Apply financial accounting concepts in the lease setting and gain a working knowledge of accounting rules as they relate to leases.
- Discuss planning and potential pitfalls.
Part 1 - Case Study Ethics
- AICPA Code of Professional Conduct
- Principles of professional conduct
- Compliance with professional standards
- Professional judgment
Part 2 - New Revenue Recognition Standard
- Review and discuss the new revenue recognition, five-step process under FASB 606, including: Identification of the contract(s) with a customer; identification of the contract's performance obligations; determination of transaction price; allocation of the transaction price to the performance obligations; and recognition of revenue as the performance obligation is satisfied.
Part 3 - New Lease Accounting Standard
· Review of accounting standard 2016-02.
· What is a lease?
· Recognition and measurement of lease assets and liabilities.
· Impact on lessors and lessees.
· Disclosures rules.
· Transition rules.
· Discuss disclosure strategies for small and mid-sized entities.
Designed for: Practitioners and members in industry seeking to gain a better understanding of lease accounting disclosure and transition rules.
Developer: Van Der Aa Tax Ed, LLC
Level of Knowledge: Intermediate
Field of Study: Ethics/Accounting & Auditing
Advanced Preparation: None
Recommended CPE Credit: 2 hours ethics / 6 hours A&A