IMA Reno Chapter 226
Northern Nevada and Tahoe
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IMA Northern Nevada Chapter is proud to host a Dynamic Seminar on:
Revenue Recognition
&
Professional Ethics
When: Saturday, May 12, 2012
Where: UNR Ansari Business Building
Cost: $99 by April 30; $109 after April 30
Registration: Contact Betty Cossitt at cossitt@unr.edu
Instructor: Jeanne H. Yamamura CPA, MIM, PhD
Professional Ethics – Update and Review
8:00 - 10:00
Course Description: The slowly recovering economy is still challenging – placing pressure on every professional to work harder, better, faster, and more innovatively to keep his/her entity solvent, profitable, and successful. Within this environment, staying current on regulatory changes impacting the profession becomes more important than ever. This 2-hour course is designed to help busy professionals with an update on regulatory changes. In addition, the course will review areas commonly giving rise to ethical problems. The focus throughout the course will be practical application, not just recitation of the rules!
The objectives of this course are to enable participants to understand:
Recent changes in ethical standards, including AICPA, NASBA, and GAO issuances.
Common ethical problems resulting in regulatory action.
At the end of the course, participants will be better able to recognize ethical problems in practice and have an updated understanding of professional ethics.
Course Topics: The course will cover:
Changes in
AICPA Code of Professional Conduct
GAO Ethics and Independence Rules
AICPA/NASBA Statements on Standards for CPE Programs
Common regulatory problem areas
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New and Improved Revenue Recognition Coming Soon!
10:00 - 12:00
Course Description: The new FASB-IASB Revenue Recognition standard, Revenue from Contracts with Customers, is slowly but surely making its way to completion. Originally issued in 2010, this hot topic received almost 1,000 comment letters on the first exposure draft. Why the intense interest? The proposed standard seeks to replace more than 100 different pieces of accounting guidance related to revenue recognition which have resulted in differing treatment for revenues across industries. The new principles-based standard seeks to address all revenue concerns and to provide increased disclosure. Although the final standard is not expected to be adopted until late 2012/early 2013, major revisions to the latest draft are not expected. This course offers a preview of coming changes and an opportunity for busy accountants to identify the potential impact of the new standard on their companies and clients.
Under the new standard, determining the amount of revenue to be recognized will require five steps: 1) Identification of customer contracts; 2) Identification of separate performance obligations; 3) Determination of transaction price; 4) Allocation of transaction price to each performance obligation; 5) Revenue recognition upon completion of a performance obligation.
Expected changes to current practice include: significant changes to bundled products/services revenue recognition, changes in treatment of contract-related costs, modification of accounting systems to track separate performance obligations, more extensive disclosures. Significant impact is expected for industries with long-term contracts, with contracts covering both a product and a service, with customer loyalty programs, and with product warranties and licenses.
The objectives of this course are to enable participants to understand:
The framework created in the new revenue recognition standard
Potential problems that may arise in implementation
Expected impact on different industries
Course Topics: The course will cover:
Five-step framework for revenue recognition
Implementation impact on existing systems
Special issues affecting particular industries
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Monthly Dinner
Meeting/Technical Session
********NEXT MEETING********
Health Care in America
Get the Inside Scoop
By Marj Hebert, CFO Ambulatory Services at Renown Health
Date: Tuesday, May 15, 2012
Eldorado Hotel Casino
The Grill Restaurant
345 North Virginia Street, Reno, NV
5:30 - 6:00pm Networking
6:00 - 7:30 Speaker and Dinner
$30 for members and non-members
$25 for students
Without Dinner
$10 (Members, non-members, or students)
Please RSVP to: sherrym@optimsds.com
Or at http://www.meetup.com/IMA-Northern-Nevada/events/62259242/
Help us increase our meeting attendance: Please pass on this meeting's notice to five business associates/clients/vendors.
We're also on Facebook and LinkedIn!
SEATING IS LIMITED - PLEASE RSVP To: Sherrym@optimsds.com |
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Visit: http://www.imanet.org/cma_certification.aspx for more information about becoming a Certified Management Accountant.
For local study group information contact Gosia Clark at gosia.clark@igt.com
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