New Revenue Recognition Rules - Necessary Steps for a Transition
Date: Mar 9, 2017, ThuStart Time: 10:00 AM PDT
Duration: 1.5 HrsBook Mark:
Topic ID: WEB01477
Revenue Recognition Rules are changing! Over the next three years companies will undergo a major change in recording revenue. New standards apply as early as end of 2016 and continue through 2018 when all entities must comply. This training program will help you to gain an understanding of the elements of New Revenue Recognition Rules, so you can prepare for this change by developing a program management team, updating business processes and internal controls, learning dependencies on data, and developing your revenue automation updates and IT involvement for the new standard.
Why Should You Attend?
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.
- Learn how to present ideas in financial terms for greater impact
- Gain confidence with establishing controls
- How to document processes, objectives and requirements
- How to analyze contracts; performance, obligation and price
- Learn fundamentals of implementation of the new rule
- Learn best practices relating to the new rule
Areas Covered in the Webinar:
- 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
Who Will Benefit:
- Accounting Managers and Supervisors
- Contracts Department
- Compliance Department
- Business Owners
- Company Board Members
- Anyone who wishes to enhance their knowledge of the new rule
David E Sanders
David E Sanders is considered one of the world’s leading experts in accounting, finance, accounts payable, accounts receivable, budgeting, collections, cost accounting, personal finance, personal income taxes, business taxes, business set up, sales and use taxes, internal controls, inventory management, cycle counting, record keeping and vendor/supplier management. He has conducted approximately 10,000 training sessions, including public seminars, on-sites, company training, chambers of commerce trainings, colleges, videos, CDs and webinars worldwide.
Mr. Sanders is called upon nationally and internationally for his SOX training abilities and to perform, walk through interim testing for core financial processes such as internal controls, fraud detection, internal controls, financial reporting, revenue, inventory, and expenditure testing.
The author of four acclaimed books and over 25 seminar workbooks and numerous webinars, he has a talent for breaking things down into easy to understand steps that can be implemented immediately. He was an endorsed local provider for the Dave Ramsey Show covering the greater Cincinnati and Northern KY area.
Mr. Sanders has a wealth of experience to share that is supported by impeccable financial credentials including over 37 years’ experience in the financial industry. He holds numerous degrees including accounting, business administration and finance. His experience includes accounting manager, corporate controller, CFO, government tax auditor, business consultant, and senior partner with various accounting/ tax/ auditing firms nationally.
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