Join Herbein on April 20, 2021 for a key Accounting Standards Update: Leasing and Revenue Recognition.
2020 was a year for the record books – but as we make our way throughout 2021, learn the latest on revenue recognition and leasing standards. How do they impact your business, and what has changed?
Join us as we walk through key updates on both Leasing (ASU) 2016-02, and Revenue Recognition (ASU) 2014-09.
Leasing Update: A walk-through of Accounting Standard Update (ASU) 2016-02, Leases (Topic 842) which will provide insight into aspects of the new lease standard that are particularly relevant to lessees in a non-public entity. We will review how all leases will now be captured on the balance sheet and recorded through the financial statements, as well as the process to determine if a lease exists and how to record it properly under the new standard.
Revenue Recognition Update: An overview of Accounting Standard Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), which will provide insight into the new principles-based standard, including the 5-step process for revenue recognition. We will review what we saw during implementation, where people struggled the most, what we expect going forward, staying on top of the standard, and how COVID-19 impacted customer payments.
After attending this webinar, attendees will:
• Gain an understanding of the aspects of the new ASC 842 standard
• Review ASU 2014-09 and provide insight into the principles-based standard
CPE: 1 Hour of Accounting offered for CPAs licensed to practice in PA and NJ