107 | In Person Training | Update | Scheduled
Implementing FASB's Revenue and Leasing Standards in Private Companies: GAAP Versus Alternate Reporting Frameworks
Wednesday, July 31, 2019 8:30am - 4:00pm
Financial reporting for revenue and leases is about to change radically. Faced with the challenges, costs and disruption of implementing the new standards, many CPAs are questioning whether GAAP is worthwhile for their clients. This course will guide CPAs through choices and solutions to ensure cost effective relevant reporting.
- Identify who is required to follow GAAP and why.
- Evaluate private company reporting frameworks; cash and tax basis and AICPA's FRF for SMEs.
- Discover how ASU 2014-09 changes revenue recognition, measurement and disclosure.
- Recognize how the balance sheet treatment of leases will alter financial statement numbers, ratios and loan covenants.
- Become familiar with ASU 2016-01's right-of-use, present value approach to capitalizing leases.
- Consider the system and independence challenges involved with standard implementation.
- Review how an Alternate Financial Framework may provide more cost effective reporting.
- Recognize the advantages and challenges that non-GAAP reporting brings.
- Ray Thompson (view bio)
CPAs, preparers and accountants in public practice and CPAs and accountants in industry who need to implement the revenue and lease standards in a convenient and cost effective way. And CPAs who wish to help clients select the reporting alternative that best meets their needs.
This course is also offered as a live simulcast.
- Financial reporting for revenue and leases
- Who is required to follow GAAP?
- Private company reporting frameworks
- ASU 2014-09 and how it changes revenue recognition, measurement and disclosure
- Balance sheet treatment of leases and how they will alter financial statement numbers, ratios and loan covenants
- ASU 2016-01's right-of-use, present value approach to capitalizing leases
- System and independence challenges with standard implementation
- Considering an alternate financial framework
- Advantages and challenges of non-GAAP reporting
Ray Thompson is Emeritus Associate Professor of Accounting & Finance at the University of Pittsburgh. He served as department head at the UPJ campus for over 25 years. He was also Associate Director of UPJ’s Entrepreneurial Development Assistance Project, where he was involved in financial consulting and assisting in preparing loan proposals for small business start-ups. Dr. Thompson has taught in graduate and undergraduate business programs in Europe, Africa and the US. He received his B.S. and M.S. degrees in Economics and Systems Dynamics from the University of Bradford in the United Kingdom, his M.B.A. in Accounting from Xavier University of Ohio, and his Doctor of Business Administration from Nova University.
Dr. Thompson is also certified in Financial Management and is a Certified Management Accountant, a Certified Business Appraiser and holds Accredited Valuation Analyst credential from NACVA. He recently became certified in International Financial Reporting Standards though the Institute of Chartered Accountants in England and Wales. Dr. Thompson is a professional educator and writer. He authors and conducts professional development seminars for Fortune 500 and international corporations, multinational financial institutions, State CPA Societies, and CPA firms throughout the US. In addition to these live seminars, he also produces both recorded and written courses for self-study. He also provides business valuation services and consults with accounting firms and sole practitioners on a range of accounting issues in the area of valuation. Ray was part of the George & Ray team, which offered Accounting & Auditing courses for over 20 years.
Dr. Thompson is a member of the Institute of Management Accountants and the Institute of Business Appraisers. He is also a faculty associate member of AICPA and PICPA, and is a member of the Financial Reporting Faculty of ICAEW.