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UID:1732237329@thefeng.org
DTSTAMP:20241122T010209Z
DTSTART:20240109T161500Z
DTEND:20240109T171500Z
ORGANIZER;CN=Don Nesbit:MAILTO:berkpolo@aol.com
SUMMARY:THE FENG: New Accounting and Financial Reporting Guidelines
LOCATION:via Zoom
DESCRIPTION:&nbsp;Accounting and Financial ReportingNew Accounting Pronouncements and Standards (~7 minutes)ASC 326, Financial Instruments-Credit Losses&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; i.&nbsp;&nbsp;&nbsp;&nbsp; “Current Expected Credit Losses”&nbsp; (aka – CECL)ASC 405-50, Liabilities Supplier Finance ProgramsCECL – A Brief Overview (~7 minutes)RequirementsPractical IllustrationsOverview of Top 5 Restatement Categories (Accounting Today) (~2 minutes)Revenue Recognition Refresher (~15 minutes)Step 2 – Identify the performance obligation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; i.&nbsp;&nbsp;&nbsp;&nbsp; Differentiating between a single obligation or multipleStep 3 – Identify the transaction priceStep 4 – Allocate the transaction priceTax Current Hot Topics (~10-15 minutes)&nbsp;&nbsp;We have an Orange County FENG LinkedIn group. &nbsp;Go to &nbsp;https://www.linkedin.com/groups/3279301/ in order to join. &nbsp;We are using it to circulate job leads.
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