Please register for this recorded NAFC webinar.
Introduction to Financial Accounting Standards Board's New Revenue Recognition Rules (ASC 606)
The new revenue guidance in Financial Accounting Standards Board's (FASB) ASC 606, Revenue from Contracts with Customers, is now effective for public companies and will be effective January 1, 2019 for private companies. The standards promise international alignment on how companies recognize revenue from contracts with customers. The guidelines are about the results of your end-to-end processes starting with contracts, through pricing, quotes, orders, and ending with revenue recognition. This webinar will provide an introduction to the key concepts of ASC 606 and outline some of the most significant areas of impact to the transportation industry as a result of adopting the new revenue standard. During this webinar, attendees will:
1. Get an overview of the five step revenue recognition model prescribed by ASC 606
Step 1 - Identify the contract with the customer
Step 2 - Identify the performance obligations
Step 3 - Determine the transaction price
Step 4 - Allocate the transaction price to the performance obligations
Step 5 - Recognize revenue when or as the entity satisfies performance obligations
2. Understand key contract terms that require additional analysis
3. Get an overview of key measures impacted by ASC 606 within the industry
4. Lessons learned in adoption of ASC 606 and how can private companies get ready most efficiently
About the Presenters:
Joseph E. Heatherly, Audit - Partner at Grant Thornton LLP
Joseph is an Audit Partner based on Atlanta, GA with more than 15 years of public accounting experience serving public and private clients in the transportation, manufacturing, and distribution industries. He has a passion for helping clients solve complex technical accounting and financial reporting matters. Joseph focuses a significant portion of his time advising clients on matters related to ASC 606, Revenue from Contracts with Customers, and ASC 842, Leasing.
Shalin Pathak, Senior Manager at Grant Thornton LLP
Shalin Pathak is a senior manager in Grant Thornton's Accounting Advisory Services. He has significant experience in providing accounting advise related to regulatory compliance including adoption of new accounting standards. Shalin has developed Grant Thornton's ASC 606 implementation methodology, content, publications and training and is part of firm's national practice. Shalin has been working with a number of public and private organizations within various industries ranging from aerospace and defense, technology, manufacturing, services and transportation.
National Accounting and Finance Council (NAFC) members are eligible for an hour of CPE credit for attending this webinar. For details on the CPE and membership, contact Jenny Wieroniey at firstname.lastname@example.org.
This is a "Group Internet Based" offering and no prerequisites are required. NAFC 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 addressed to the National Registry of CPE Sponsors, 150 Fourth Ave North #700, Nashville, TN 37219.
NOTICE: ATA webinars are strictly educational for our members, and are not press events. The information contained in this webinar is not intended for, nor should it be used in, the production, editing or creation of news or analysis pieces. Participants are also forbidden from using them as background for published materials, white papers or other communications. Therefore, the contents of this webinar are strictly embargoed and off the record.