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Management Conference - Accounting Track

  • 05/23/2017
  • 8:00 AM - 2:30 PM


Registration is closed
Can't make it to Fargo for the Management Conference this year? 

Join us online instead . . . at least for some of the sessions.  The following 4 sessions on accounting topics are included in this webcast worth 6 hours of CPE.*
F2. Lease Accounting: a Whole New Ballgame - 8:00 - 9:40 am

The FASB’s simplification initiative seems to have been put on hold with the adoption of ASC 842- Leases.  The new standard has revised and changed the scope of lease accounting and added varying levels of complexity along the way.  Agreements that we previously thought were leases are no longer leases, like oil and gas leases, and other contracts that were previously only service contracts may contain embedded leases.  A variation of capital leases (now called finance leases) and operating leases have carried over to the new standard, but both are now capitalized.  This session provides an introductory overview of the new leasing standard and explores some of the implementation issues that have surfaced for those companies that are currently working their way through the standard.  Topics include:

  1. What is a lease?
  2. Embedded leases
  3. Segregating contract elements
  4. Lessee accounting (finance lease, operating lease)
  5. Lessor accounting (sales-type, direct financing or operating lease)
  6. Practical expedients and optional elections
G2. Key Challenges of ASC 606- Revenue from Contracts with Customers - 10:00 - 11:45 am

Mandatory adoption of the new revenue recognition standard is less than a year away for most publicly traded companies and less than 2 years away for private companies.  Many early adopters are finding that the financial statement disclosure requirements and identification of contract elements the most challenging.  For most companies, as expected, the adoption of the standard requires a significant amount of effort with little change in reported revenues.  One early adopter reported no changes in reported revenues, but an increase in earnings per share.  In this session we will review the key elements of the new standard and explore the common pitfalls facing companies as they undertake the arduous task of early adoption.  Topics include:

  • The 5 step assessment
  • Implied deliverables
  • Variable consideration
  • Which adoption method should I choose?
  • Level: intermediate.  a general understanding of ASC 606 is helpful, but not required
H2. What Has The FASB Been Up To Lately? - 12:45 - 2:25 pm

After the adoption of revenue recognition and lease accounting standards, the FASB has gone into full swing covering other topics.  This session will cover the latest in new standards (excluding revenue recognition and lease accounting, which are covered in detail in other sessions).    Topics may vary depending on time constraints and the latest FASB issuances, but it is expected to include:

  • Breakage of stored value cards
  • Consolidation guidance on related parties
  • Accounting for credit losses
  • Simplifying the equity method
  • Share based payments
  • Cash flow classification
  • Elimination of step 2 of the goodwill impairment test
  • Changes to the definition of a business
  • Employee benefit plans
  • Derecognition and partial sales of non-financial assets

Instructor: Michael Ussery, CPA, Candela Solutions LLC, Las Vegas, NV

*Credits: 6 (If you are licensed in a jurisdiction other than North Dakota, please contact us to see if this webinar will qualify for credits in your state.)

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