FEI Professional Development Meeting
Thursday, September 15, 2016
WHEN:
Thursday, September 15, 2016
Registration and Refreshments 3:00pm | Program 3:30pm-5:30pm
WHERE:
The Hyatt Lodge at McDonald's Campus
2815 Jorie Boulevard, Oak Brook
Grand Oaks Pavilion
FEE:
Free to dues paying Chicago Chapter members; Guest fee is $25.
Free to Eligible Prospective Member Guests with Advance Registration & Contact Information.
Advance Reservations are Required! RSVP by Monday, September 12.
Annual GAAP/ SEC Accounting Update
As we often do near the start of the new FEI season, the Chicago Chapter will again have representatives from KPMG provide updates on major developments that may affect your company’s accounting and financial reporting in the current period and in the near future.
Updates on current period matters will include recently and soon-to-be-effective FASB standards having wide applicability to all members’ companies. The major item to be discussed this year is the major accounting standard on revenue recognition and recent important clarifications on presenting revenues gross as a principal vs. net as an agent, licensing revenues as that issues impacts a number of industries and clarification addressing performance obligations. The lease pronouncement has been issued since our last GAAP update requiring all operating leases to be recorded as a right-to-use asset and related lease obligation on the balance sheet. New rules will impact the bad debt calculation recorded against trade accounts receivable for many companies. A new accounting pronouncement also shifts responsibility for the annual Going Concern assessment from your auditors to management.
The effective date for the Revenue Recognition standard is January 1, 2018 for public companies and a year later for private entities. This Standard is extremely complex and affects all companies with revenues and its implementation is or will be a major undertaking for many companies. It is definitely not too early to learn about the provisions of this Standard and begin the planning, documentation and implementation ASAP for your company/entity. The new Leasing standard, another major accounting standard implementation for most companies, needs to be implemented a year later than the Revenue Standard, with early adoption permitted.
Jon Hunt and Doug Lebda from KPMG will present. Please mark your calendars and plan to join us for this important session.
Jon Hunt is a senior manager in KPMG’s Chicago office providing audit and accounting services to clients in the Telecommunications, Media and Technology (TMT) line of business, focusing primarily on major professional services firms. Jon recently completed a three-year rotation in KPMG’s Department of Professional Practice (DPP) (KPMG’s National Office) in New York where he served as a firm resource on various auditing and technical accounting topics including revenue recognition, business combinations and debt and equity transactions as well as audit inspections (including audits of financial statements and internal control over financial reporting). .
Doug Lebda is an audit partner in KPMG’s Department of Professional Practice in New York specializing in the Consumer and Industrial Products practice. He has more than 12 years of experience providing financial statement audit and audit of internal control. Doug has served on a wide variety of clients, ranging from privately held to Fortune 500 companies, concentrating on manufacturing, retail and the oil and gas industries.