FASB’s New Revenue Recognition Standard: ASC 606, Revenue from Contracts with Customers: Introductory Overview and Tax Considerations

Date: Thursday, November 3, 2016
Time: 12:00 PM ET / 11:00 AM CT / 10:00 AM MT / 09:00 AM PT [Prevailing Time]
Presenters: Eric Lucas, Principal Washington National Tax, KPMG, LLP, Stephanie Petruzzi, Manager, KPMG, LLP.
Moderator:
Learning Objectives:
This one hour 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.
Field of Study: Taxes
Program Level: Basic
CPE Credit: 1 Credit Hour
Delivery Method: Group Internet-based
Prerequisite(s): No advanced preparation or prerequisites are required for this course.
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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 and Moderator Bios

Presenter: Eric Lucas, Principal Washington National Tax, KPMG, LLP

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.

Presenter: Stephanie Petruzzi, Manager, KPMG, LLP.

Cost
$56.00 for NSAC Members / $70.00 for Non-Members

Delivery System

• All programs are delivered using the Zoom platform.
• Confirmations will include log-in instructions.
• Participants are able to participate using any device with an Internet connect (if the device does not have speakers, the participant can also dial-in) or they can participate with audio only by dialing in.
• All registrants will receive a link to the CLN’s recording by email within 48 business hours of event’s conclusion.
• There will be assistance available to help with technical and connectivity issues up to 10 minutes prior to the start of the presentation.

Registration

All registration is done on-line and each guest must provide their name and email address to participate. All NSAC members may register for free. Non-members may register for a nominal fee.

Refund Policy

NSAC will not issue refunds for CLNs. If a registrant is unable to participate in the CLN and provides notification to info@nsacoop.org 48 hours prior to the session, a credit will be provided for a future CLN. Alert the NSAC staff member monitoring the CLN if technical difficulties are encountered and technical support will be provided to eliminate problems with future CLNs.

Additional Information

Live participation is required for CPE credit and polling questions must be answered to document your active participation. All registrants will receive an email following the session with links to the slides and/or handouts, and a link to the CLN recording (unless otherwise stated). If you are unable to participate in the live session, you can still watch the recorded session, but you will not be eligible for CPE credits. Those eligible for credits will receive their certificate by email with 7 business days.

For more information regarding NSAC CLNs or administrative policies such as complaint and refund, contact the NSAC Headquarters, 7946 Clyo Road, Suite A, Centerville, OH 45459, 937-222-6707, or info@nsacoop.org.