Revenue recognition and Accounting for leases

22 August 2019

Seminar

Date: Thursday, August 22, 2019

Registration: 7:30 am

Start time: 8:15 am

End time: 12:30 pm

Location: Centro de Banquetes, Los Chavales

CPE Credits: 4hrs.

Audience: CFO, Controllers, Accounting directors/managers, Accountants, Internal auditors, CPAs 

Content:

Staying abreast with the latest accounting standards and regulations will help you produce high quality financial information. This seminar will cover two topics the Revenue recognition and Accounting for leases.  Your success starts here!

Revenue recognition

Responding to challenges in the financial reporting standards of recognition of revenue from contracts with customers, the accounting Boards (IASB and FASB) have made substantial enhancements to the quality and consistency of how revenue is reported while also improving comparability in the financial statements of companies reporting using IFRS and US GAAP. Implementation of this standard for public entities, is fiscal year beginning December 15, 2017, and for non-public is for period beginning after December 31, 2018.  

Accounting for leases

Time has come up for private entities to adopt the accounting for leases standard, which core principle is that lessees  should recognize assets and liabilities arising from all leases  (except for leases with a lease term of 12 months or less and other arrangements considered outside the scope of this standard) which will affect significantly entities balance sheets.  Entities will have two choices for transition to new standard which is effective for fiscal years beginning after December 15, 2019.

Topics

Revenue from Contract with Customers (Topic 606)

  • Introduction and overview
  • Effective dates
  • Applicability and Scope
  • Changes to current GAAP
  • The Five Step Model
  • Implementation
  • Disclosures  

Leases

  • Lease classification
  • Accounting for leases
    • lessee
    • lessor
  • Sales-leaseback accounting
  • Presentation and disclosure
  • Effective date and transition

Contact information

Write your questions or comments to kgt@pr.gt.com

Speakers
Kayra Rivera, CPA, CGMA Director, Audit
Silvia Bonet, CPA, CGMA Manager, Audit
Marta Rodríguez, CPA, CVA, CGMA Manager, Advisory
Janice Velázquez, CPA Manager, Audit
Marisol Rodríguez, CPA Manager, Audit

Kevane Grant Thornton
  • Restaurante Los Chavales, Centro de Banquetes
  • 255 Ave. Franklin Delano Roosevelt
  • San Juan, PR 00918
Tel: 787-754-1915 Contact: kgt@pr.gt.com