Compliance with the new ASC 606 / IFRS 15 revenue from contracts with customers accounting standard is just around the corner. The new standard introduces significant changes regarding how revenue is recognized, and therefore the risk of revenue-related challenges and restatements is almost certain to increase. Ensure you are up to speed on the New Revenue Recognition Standard to eliminate significant compliance risks and maximize best practices and processes.
Objectives of the Presentation
- Articulate a deeper understanding of the new ASC 606 / IFRS 15 accounting standard
- Utilize best practices to assess the standard's impact to your business
- Gain confidence with establishing controls
- How to document processes, objectives and requirements
- How to analyze contracts; performance, obligation and price
- Accelerate your preparation for compliance with the standard
- Understand how to manage the complexity of the standard and ensure compliance
Why Should you Attend
Many organizations have come to terms with the looming changes and recognize the daunting task of interpreting the complex standard, assessing its impact to their organization, and implementing the rules. However, many other organizations have still not accepted that clinging to the soon-to-be-superseded accounting rules is not compliance. They are finding it very hard to let go of deferred revenue and replace it with something as seemingly obscure as recording performance obligation liabilities for goods and services to be delivered to customers.
In this webinar participants will learn how the new revenue recognition standards will impact consistency, comparability, disclosures and simplify the preparation of financial statements. They will gain an understanding of the new estimates and disclosures rules relating to revenue recognition. In addition, it will evaluate how the new standards will affect operational and performance metrics, contracts, compensation plans, accounting policies, internal controls and tax matters for your company.
This webinar will help the attendees to understand the process, various techniques, generally accepted accounting practices, concepts, and major phases in the New Revenue Recognition Standard. This standard will eliminate the transaction and industry specific revenue recognition guidelines under current GAAP and replace them with a principle based approach for determining revenue recognition.
- Necessity of planning
- How to evaluate your system's strengths and weaknesses
- How to evaluate the changes from current GAAP
- How to evaluate the impact on the company's accounts
- How to outline a plan for anticipating the impact on your internal controls
- The processes, objectives, components and requirements for effective implementation
- How to document your processes, objectives and requirements
- Identify the contract, performance, obligations and price
- Identify when the entity satisfies the performance obligations
- Help all employees, individuals, supervisors, managers and executives assess the rule
Athena Finance Group, Inc
Candace is owner of Athena Finance Group, Inc. specializing in strategic planning, distressed entity recovery, valuations, and educational programs. Athena's mission is to pursue and communicate the information clients need. This is accomplished through a cooperative working relationship. Based on solid strategy, the outcome is an expansion of the opportunities of those served.
Candace was associated with Ernst & Young in the tax and then auditing area, serving small, midsized and SEC clients during her tenure. She gained significant experience with various industries including manufacturers, automobile dealerships and securities brokers.
Upon leaving Ernst & Young, Candace pursued and obtained her Masters of Professional Accountancy from Clemson University and proceeded to her career in the educational arena, teaching at Clemson University, Furman University, and the University of North Carolina at Greensboro. She returned to Clemson in the Fall of 2006 and remained through Spring of 2012. In addition to undergraduate and graduate education, Candace has developed and taught various continuing education courses in both live format and through webcast technology.