What is NSAC's Cooperative Learning Network?
A NSAC Cooperative Learning Network is a live, interactive 60-minute conference presented over the telephone and over the Internet. You can attend from any location that has telephone and Internet access. You pay just one registration fee for as many participants as you wish at each call/log-in location.

Note that high-speed Internet access is not mandatory – the system works with dial-up but you must have separate connections for the audio and video portions. You may use cell phones for the audio if you have only one connection.

Who presents at one of these sessions?
Your Cooperative Learning Network will have one or more speakers who are recognized experts on the topic. Conferences typically include a Q&A session; you can ask questions by phone or instant messaging options.

CPE Credits
The National Society of Accountants for Cooperatives (NSAC) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors through its website: www.learningmarket.org.

Delivery Method: Group-Live.

CLN Policies
Refunds for CLNs are not provided. Registrants if unable to participate will be provided credit for a future CLN or may opt to be sent a copy of the CLN PODCast following the event. Note PODCasts are not eligible for CPE credit.

For more information regarding refund, complaint and/or CLN cancellation policies, please contact our offices at (937) 222-6707 or info@nsacoop.org.

What does my registration include?
Your registration includes long-distance charges for the audio portion and log-in to the video presentation. All handouts and presentation files are downloadable and may be printed out or saved to the participant's computer once they are logged in to the session meeting room. Sessions include one CPE Certificate of Attendance. Certificates for additional participants are $10.00 each.

Why NSAC Cooperative Learning Networks?

No wasted time. Get right to the heart of the matter in a 60-minute session designed to easily fit into your busy schedule.

No airlines. No travel. No time out of the office. Listen and follow along from the comfort and convenience of your desk or conference room.

A telephone and computer are all the equipment you need. Just dial in and log-in to the system. That's it.

Ideal for multiple attendees.
Use a speakerphone and projector and invite as many people as you want to participate - at no extra cost to you.

NSAC Cooperative Learning Networks are a fraction of the cost of travel and attendance fees for other high-priced conferences or seminars.

Cooperative Learning Network

FASB’s New Revenue Recognition Standard: ASC 606, Revenue from Contracts with Customers: Introductory Overview and Tax Considerations
Date: Thursday, November 03, 2016
Time: 12:00 PM ET / 11:00 AM CT / 10:00 AM MT / 09:00 AM PT [Prevailing Time]
Presenter(s): Eric Lucas, Principal, Washington National Tax, KPMG, LLP.: Stephanie Petruzzi, Manager, KPMG, LLP.
Objective: This one hour sessionwe will provide an introduction geared to tax professionals on the principal elements of the new standard for revenue recognition on contracts with customers, with a focus on tax implications.
Field of Study: Taxes
Program Level: Basic
CPE Credit: 1 Credit Hour
Delivery Method: Group-Live

No advanced preparation or prerequisites are required for this course.

Course Description
Eric Lucas, Principal, Washington National Tax, KPMG, LLP. and Stephanie Petruzzi, Manager, KPMG, LLP. for this one hour tax and accounting oriented session. We will provide an introduction geared to tax professionals on the principal elements of the new standard for revenue recognition on contracts with customers, with a focus on tax implications: how will the new standard affect existing tax accounting methods for revenue recognition, process of evaluating the tax effects and potential for changes of tax accounting methods; discussion of current process for filing Form 3115, application for change in accounting method with the IRS National Office.

Presenter Bio(s)
Eric Lucas joined KPMG’s Tax Practice on October 3, 2011 as a principal in the Income Tax and Accounting group. Eric’s practice focuses on the emerging issues associated with the capitalization / repair expense regulations, inventories, cost recovery and many other matters involving methods of accounting and general tax principles. Prior to joining KPMG, Eric was with the U.S. Department of the Treasury’s Office of the Tax Legislative Counsel, where he served as an attorney advisor. In this role, Eric was a member of the working groups that issued the tangible property regulations as well as several regulatory projects involving complex inventory issues including sales based royalty costs and negative 263A costs, all in response to practitioner and taxpayer comments. The working groups included a number of key government officials from the IRS Office of Chief Counsel (for example, inventory specialists) and the IRS Commissioner’s office. In addition to these projects, Eric worked with IRS personnel in crafting guidance on a number of difficult accounting methods issues, including revenue recognition, business credits, and general domestic tax issues. Eric has over 17 years (including three years with the Treasury Department) of professional experience that includes positions with the IRS Chief Counsel’s Income Tax and Accounting Division and the accounting methods practices of the Big Four accounting firms. Eric is a frequent speaker to such groups as the Tax Section of the American Bar Association, the American Institute of Certified Public Accountants, the Federal Bar Association and on several occasions was a guest presenter for Georgetown University’s LL.M. program in taxation.

Stephanie Petruzzi has provided technical accounting advisory services under U.S. GAAP and IFRS to clients in a variety of sectors since September 2011. Specifically, she specializes in accounting change services, on-call technical accounting advice and by side assistance. Prior to joining KPMG, Stephanie served as a Postgraduate Technical Assistant at the Financial Accounting Standards Board (FASB). At the FASB, she worked on two major project teams: the joint project with the IASB on Revenue Recognition and the FASB project on Disclosures of Certain Loss Contingencies. She also interacted with constituents through the technical inquiry process by answering questions on FASB pronouncements, focusing on the application to certain entities. Stephanie has provided accounting advisory services for clients in the following industries: government contractors, software, telecommunications, diversified industrials, and federal government. She has consulted with a variety of clients on topics such as revenue recognition, share-based payments, consolidation, leasing, and derivatives and hedging.

A PODCast of this workshop is now availble. Click here to order/view.

Additional Information

For more information regarding this series or administrative policies such as complaint and refund, please contact the NSAC National offices, 136 S. Keowee St., Dayton, OH 45402, 937-222-6707, email: info@nsacoop.org