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 Customers, is 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 techniques, these 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: email@example.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 firstname.lastname@example.org 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 email@example.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
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: firstname.lastname@example.org
OR call us: (International) participants: +1 302 449 6498 / Dutch Caribbean and Suriname, South America: +599 9 8440057 / +599 9 5200270