FEI Chicago September PD Meeting - Annual GAAP/ SEC Accounting Update

FEI Chicago Chapter September PD Meeting
Annual GAAP/SEC Accounting Update with KPMG

WHEN
Thursday, September 21, 2017
3:00pm—5:30pm
Registration and Refreshments 3:00pm; Program 3:30pm-5:30pm 

WHERE
Deerfield Hyatt
1750 Lake Cook Road, Deerfield

Free to FEI Chicago Chapter Members; $25 for Guests

“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 which is effective for year-end public companies on January 1, 2018 – just over 4 months away and just 16 months later for non-public entities. The lease pronouncement was issued in early 2016 and now requires all operating leases to be recorded as a right-to-use asset and related lease obligation on the balance sheet with different P&L recognition for operating vs. finance (capital) leases. The lease standard is effective for year-end public companies on January 1, 2019 and for non-public companies on January 1, 2020.  New rules will impact the bad debt calculation recorded against trade accounts receivable for many companies.