Join us for a 2021 Food & Ag Summit webinar for a key Accounting Standards Update: Leasing and Revenue Recognition for the food & ag industries. We will cover 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.
Cory Eisenhofer, Manager, Herbein + Company, Inc.
Christopher Kunkle, CPA, CFE, CITP, Senior Manager, Herbein + Company, Inc