Successful AICPA CPEA Event Curacao

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Last week on April 05th, 2018 local United States Certified Public Accountants (U.S. CPAs) held a unique event in Avila Beach hotel – Curacao, Willemstad emphasizing the need for more local U.S. CPA’s in the Dutch Caribbean and Suriname including steps to strengthening their position within these regions. This was a unique event opened by the U.S. Consul General to Curacao Mrs. Margaret Hawthorne who emphasized the importance of a strong relationship between the U.S and our local economies. Curacao is in need for more U.S. investors who can embolden our small scaled economy. More “local” U.S. CPAs will build international Trust, Opportunity, Prosperity and will protect the public interest providing the same of level of trust expected by the largest U.S. investors.

Regulations such as the Foreign Account Tax Compliance Act (FATCA), Anti-Money Laundering (AML), Counter Financing of Terrorism (CFT) and U.S. Corresponding Banking rules and regulations are primarily U.S. driven and can have a significant impact on local financial institutions. Further internationally U.S. CPAs are signing of on the world’s largest financial institutions and companies. More local accountants with the U.S. CPA designation could add substantial value to the economy and local markets.

In addition, this event was coupled to a seminar (8 CPE) regarding the new Revenue Recognition rules which will become effective in 2018. The Revenue Recognition session was led by the American Institute of Certified Public Accountants (AICPA) Center for Plain English Accounting (CPEA). The AICPA is the world’s largest organization representing the accounting profession and visited Curacao for the first time. The speaker was Thomas J. Groskopf CPA, CVA, MBA – Technical Director for the AICPA’s Center for Plain English Accounting, past representative from the U.S. on the International Financial Reporting Standards’ (IFRS) Small- and Medium-sized Entity Implementation Group. This new Revenue Recognition standard is a converged standard between U.S. Generally Accepted Accounting Principles (U.S. GAAP) and IFRS.

“This was an outstanding opportunity to obtain superior technical content knowledge and practical guidance for Accountants in the (Dutch) Caribbean, Suriname and South American region in a full-day on-site training session. We will continue having these sessions in 2018 and going forward. During this event it was also discussed what next steps will be taken to create a fair level playing field for local U.S. CPA designation and other designation holders eliminating unfair protectionism. We also honored 3 local finance professionals who passed all 4 sections of the U.S. CPA exam and there are much more professionals expected to pass in the remainder of 2018. Overall the event was a great success and a first step in the right direction towards strengthening the position of U.S. CPAs in the region” said Rocher Cyrus CPA, CGMA – Managing Director of Global International Management, Partner of Becker Professional Education and Confirmation.com Dutch Caribbean and Suriname. “We will continue to strongly advocate on behalf of the U.S. CPA profession within the region and deepen our relationship with all relevant stakeholders locally and internationally”.

If you want to participate in future events please click the following link: https://www.globalintmanagement.com/contact.php
You can also email us directly on info@globalintmanagement.com or call us on +13024496498 or +59998440057.

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Dutch Caribbean & Suriname In Need Of More Local Accountants

Local United States Certified Public Accountants (U.S. CPAs) started an initiative to strengthen their position on the Dutch Caribbean & Suriname. There is a need for more U.S. investors and U.S. related companies to invest in the Dutch Caribbean and Suriname in order to boost these local economies and to develop them sustainably. U.S. investors and U.S. Companies with significant funding resources are very skeptical to invest in foreign countries which do not provide the same level of trust, risk and comfort that they are used to. The total U.S. economy runs on U.S CPA’s and U.S. investors rely heavily on the trust that U.S. CPAs provide to the economy.

U.S CPAs are auditors of the world’s largest technological companies and financial institutions such as Google, Apple, Facebook, Amazon, and Bank of America. They are at the forefront in performing rigorous research regarding Innovation, Education, Cybersecurity, and Thought Leadership while protecting the public interest. The American Institute for Certified Public Accountants (AICPA) is the world’s largest member organization representing the accounting profession in more than 143 countries. Worldwide there are over 650.000 active U.S. CPA’s in 173 countries strengthening the largest capital markets and delivering value to the global financial system.

Due to the need to attract more U.S. investors and to create and cultivate the right investment climate Global International Management, LLC started an initiative to strengthen the local economies of the Dutch Caribbean & Suriname by providing local accountants a unique opportunity to seek and obtain the aforementioned most sought and respected U.S. CPA designation powering Trust, Opportunity and Prosperity into our relatively small local economies. For example, new rules and regulations applicable to our local financial institutions such as the Foreign Account Tax Compliance Act (FATCA) are U.S. driven and compliance by local financial institutions is extremely important to remain white listed. Additionally, many banks in our region are having difficulties finding or keeping a USD corresponding bank which is eminent in doing business with the U.S. and Internationally.

More “local” U.S. CPAs will drive a dynamic internationally known local audit and accounting profession that works every day to build trust, create opportunity and grow prosperity for the Dutch Caribbean & Suriname.

To kick off this initiative, the Association of International Certified Professional Accountants – Center of Plain English Accounting (AICPA’s CPEA) is heading to Curacao for the first time on April 5th 2018 for a full-day one-site seminar in Avila Beach Hotel to outline the latest accounting standard regarding “Revenue Recognition”. Additionally, the U.S. Embassy on Curacao is stimulating a fair level playing field for U.S. CPAs on the Dutch Caribbean & Suriname and the event will be opened by the U.S. Consul General in Curacao, Mrs. Margaret D. Hawthorne. “We are honored to have both the AICPA’s CPEA and U.S Consulate General Curacao’s support and welcome as many accountants on this event which will be the first step towards strengthening the position of our local U.S. CPAs here in the region” said Rocher Cyrus CPA, CGMA – Managing Director of Global International Management, LLC and authorized Partner of Becker Professional Education and Confirmation.com.

For more info on the upcoming event: AICPA’s CPEA comes to Curacao for the “New Revenue Recognition Standard (Part I) – Course (8 CPE). Location: Avila Beach Hotel, April 5th 2018 from 07.45am to 18.00pm. We will also honor our first 3 students who passed all 4 parts of the U.S. CPA Exam. Registration is required via info@globalintmanagement.com or via rcyrus@globalintmanagement.com. Please contact us for more info on the event, course, speaker bio via these email addresses and/or to register or click on the following link: https://globalintmanagement.com/wordpress/aicpa-cpea-seminar-curacao/

We call upon all U.S. CPAs in the region to subscribe for this event which will be the first step towards strengthening our position within the Dutch Caribbean and Suriname!

AICPA CPEA Seminar Curacao

Hello (Dutch) Caribbean & South America, You’ve spoken. We listened. To all international oriented Accountants abroad we have heard your requests! The AICPA’s Center for Plain English Accounting (CPEA) is heading to Curacao with expanded on-site training courses for accountants from the (Dutch) Caribbean and South America. This is an outstanding opportunity to obtain superior US technical content and practical guidance for Accountants.

We will offer The New Revenue Recognition Standard (Part I) – full-day on-site training Course (8 CPE). Revenue from Contracts with Customersis the most impactful accounting standard issued in many years. The new revenue recognition model is codified in FASB Accounting Standards Codification (FASB ASC) 606. FASB ASC 606 has the potential to affect every entity’s day-to-day accounting and, possibly, the way business is executed through contracts with customers.

The CPEA will offer a full-day on-site training course on the new revenue recognition standard. Using active learning techniquesthese training course delivers a thorough study of FASB ASC 606, impart an across-the-board understanding of the key principles and essential elements of the new guidance, and upskill participants in implementing the five-step process of recognizing revenue.

Date: April 05, 2018

Time: 07.45am – 18.00pm (Including breakfast, coffee breaks, lunch and happy hour).

Venue: Avila Beach Hotel, Penstraat 130, Willemstad – Curacao

Regular price: USD450 (including: coffee breaks, light lunch, happy hour bar & snacks).
Special price: USD350 for US CPA students (Dutch) Caribbean & Suriname

Registration*: Registration is required via: info@globalintmanagement.com

*IMPORTANT NOTE: Due to international participants from the US, Dutch Caribbean & Suriname and South America seats are very limited and subject to our approval.

Learning Objectives: After participating in this training, participants will be able to apply technical literature and other practice guidance relevant to the topics covered in this program. The program will include an explanation of technical standards along with a discussion of practical implementation issues related to those standards.

Instructional Delivery Method: Group Live

Total CPE Credits: 8 (Accounting = 7 Auditing = 1)

Pre-requisites: Experience in Accounting & Auditing Program Level: Update

Advance Preparation: n/a

·         Refund policy or cancellation policy: Refunds or Cancellations – Requests for refunds or cancellations must be received by e-mail at info@globalintmanagement.combefore March 30, 2018 12:00pm AST.

·         Complaint resolution policy: If you have problems with registration, please contact Rocher Cyrus CPA, CGMA by e-mail at rcyrus@globalintmanagement.com or by phone at +599 9 8440057, +599 9 5200270 for the Dutch Caribbean and Suriname and for International participants on +1302 449 6498

The Association of International Certified Professional Accountants is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

About the Speaker THOMAS J. GROSKOPF, CPA, CVA, MBA. Tom Groskopf is a nationally recognized authority on accounting and auditing topics and is service line leader for Barnes, Dennig & Co., Ltd. A&A practice. He also serves as Technical Director for the AICPA’s Center for Plain English Accounting, a national A&A resource center for PCPS firms. Tom is a past member of the Private Company Council and was the past representative from the U.S.A. on the International Financial Reporting Standards’ Small- and Medium-sized Entity Implementation Group. Tom previously served on the advisory-only FASB Private Company Financial Reporting Committee, and he served a three-year term on the AICPA’s Technical Issues Committee.

This course is brought to Curacao by Global International Management, LLC who is a member of the AICPA PCPS and strives to increase the quality of accountants in business and audit.www.globalintmanagement.com; US 616 Corporate Way Ste 2 5463, Valley Cottage, New York 10989, (+302) 449 6498. Curacao: Chuchubiweg 17, Willemstad, Curacao, (+599) 9 844 0057

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Additional course information: Understanding FASB ASC 606: Part I

Starting with an overview of FASB ASC 606 and explaining the importance of the topic, Part I educates participants about key aspects of the new standard. Participants gain a grounding in several core concepts of revenue recognition under the new standard and develop skills to implement the provisions of FASB ASC 606. Interactive exercises are utilized to deepen the participant’s knowledge of major concepts. Some of the topics addressed include:

  • Scope of FASB ASC 606. The new revenue recognition standard does not apply to revenue deriving from all transactions and events. Participants learn which items of revenue are covered by the new standard and which items are not covered by the new standard.
  • Key Provisions. This segment covers the core principle of revenue recognition and then individually analyzes the five steps necessary to achieve that principle. Emphasis is placed on the contract with the customer and its importance in applying the standard. Additional key learning points include accounting for multiple performance obligations, significant financing components, customer acceptance provisions, and bill & hold arrangements.
  • Contract Modifications. FASB ASC 606 introduces a general framework for accounting for contract modifications. We explain the new rules regarding contract modifications (i.e., change orders). We also cover the impact of these new rules on industries which currently do not have specific guidance related to contract modifications.
  • Identification of “Distinct” Performance Obligations. Performance obligations are treated as separate units of account if they are “distinct.” This segment covers the criteria for determination of the units of account in a contract including a detailed analysis of the application of the new concept of whether performance obligations are “separately identifiable.”
  • Long-Term Contracts. This segment deals with recognizing revenue for performance obligations that are satisfied over time. Participants learn about the new rules that replace the percentage-of-completion method, including measurements of performance and the criteria to qualify to recognize revenue over the life of a contract.
  • Contract Costs. In this portion of the program, we cover the definitions of, and the accounting for, incremental costs of obtaining a contract with a customer, as well as contract fulfillment costs.
  • Loyalty Programs and Marketing Incentives. The new revenue recognition guidance will result in major changes to the way many entities currently account for loyalty programs, marketing incentives, and other customer promotions. The approach mandated in FASB ASC 606 (an approach similar to today’s multiple-element revenue recognition method) is outlined and there is a discussion related to the impact on entities.
  • Promises and Customer Care Programs. The CPEA believes that FASB ASC 606 may significantly change the accounting for implied promises to customers for many entities and may prompt those entities to change their practices related to customer care programs. This segment educates participants about those changes in this important area.
  • Variable Consideration. The notion of variable consideration is broad and FASB ASC 606 changes the accounting for such consideration. Participants will learn the types of arrangements that are variable consideration and the differences between recognition and measurement of variable consideration under current revenue recognition standards.
  • Warranties. Participants are taught about the specific guidance related to applying the revenue recognition model to warranties. Guidance associated with distinguishing between different warranties and the related accounting methods are discussed.
  • Income Tax Accounting Implications. This segment overviews some key income tax considerations of the new revenue recognition standard.
  • Regulator Views and Areas of Focus. This segment informs participants about the viewpoints of the Securities and Exchange Commission’s staff related to several areas of the new revenue recognition standard, including the use of judgment when applying FASB ASC 606.
  • Case Studies, Commentary, and Examples. For each area covered, we draw upon various resources (including the AICPA Revenue Recognition Working Groups, FASB TRG, and FinREC) to provide practical implementation advice, implementation experiences, and real-world examples. This approach facilitates deeper comprehension of the new revenue recognition standard.
  • Additional Resources. The new revenue recognition guidance is broad and complex. Practitioners will benefit from the array of implementation resources available to them. This segment will provide a rundown of those resources, including numerous CPEA reports and educational materials.

To reserve your seat please email us at: info@globalintmanagement.com

OR call us: (International) participants: +1 302 449 6498 / Dutch Caribbean and Suriname, South America: +599 9 8440057 / +599 9 5200270