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
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!
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.
Revenue from Contract with Customers (Topic 606)
- Introduction and overview
- Effective dates
- Applicability and Scope
- Changes to current GAAP
- The Five Step Model
- Lease classification
- Accounting for leases
- Sales-leaseback accounting
- Presentation and disclosure
- Effective date and transition
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