Complying with the Revenue Recognition Standard - Recorded Webinar

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Webinar Duration: 90 minutes

RECORDED: Access recorded version only for one participant; unlimited viewing for 6 months (Access information will be emailed 24 hours after the completion of payment)

SPEAKER: Lynn Fountain

OVERVIEW:
This FASB revenue recognition standard webinar will discuss the various steps involved in this standard and also the technical guidance to prepare a revenue recognition model.

Why should you Attend: The new revenue recognition standard outlines five steps for proper compliance. At the surface, these steps seem simplistic. However, there are many considerations that should be considered within each step based on your process and industry. This course is designed to provide an overview of the technical guidance and outline the five steps involved in the revenue recognition model.

We also explore some concepts to consider within each step and then evaluate some challenges that specific industries may have when complying with the standard. Future courses will further delve into each step and provide example and scenarios that should be considered to properly apply the step.

Areas Covered in the Session:
- Identify the effective dates for the new standard
- Explore the need for the new standard
- Explore the new revenue recognition core principles and the five-step revenue model
- Identify the impact of the new standard on various revenue concepts
- Explore the impact of the standard on various industries
- The standard affects all entities (public, private, and not-for-profit) that have contracts -with customers Exclusions include:
- Leases accounted for under FASB ASC 840, Leases
- Insurance contracts accounted for under FASB ASC 944, Financial Services-Insurance
- Most financial instruments, and guarantees (other than product or service warranties)

Who Will Benefit:
- Accounting Managers and Supervisors
- Contracts Department
- Compliance Department
- Business Owners
- Company Board Members
- Anyone who wishes to Enhance their Knowledge of the new Rule

SPEAKER PROFILE:
Lynn Fountain has over 35 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance.

Ms. Fountain has held two Chief Audit Executive positions for international companies. She was a member of the senior leadership team for Aquila Inc. in Kansas City, MO, until the sale of the utility in 2008. At Aquila, she was responsible for Internal Audit, Enterprise Risk Management and Sarbanes-Oxley. She was an integral member of the senior leadership team that effectively executed the sale of the utility. Upon the close of Aquila, Ms. Fountain engaged in her own consulting and training business. During this time, she worked with several organizations to establish ERM, Sarbanes-Oxley and governance frameworks. In addition, she has developed and delivered leading edge training sessions on COSO, internal audit, ERM, accounting, leadership, governance, compliance and ethics. In 2011, Ms. Fountain was the Chief Audit Executive for an international construction and engineering firm in Kansas City. In this role she was involved in the active investigation of a joint venture fraud. The investigation included work with the FBI and ultimately led to indictment of the perpetrators and recovery of $13M. In 2012, Ms. Fountain returned to her consulting and training business. Along with her risk management, internal controls and financial accounting consulting work, she delivers training for the American Institute of Certified Public Accountants, Institute of Internal Auditors, and multiple seminar and training groups.

Ms. Fountain is the author of two separate technical books released in 2015, The first entitled “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations” was published by the Institute of Internal Auditors Research Foundation and released in April 2015. Her second book “Leading The Internal Audit Function” was released in October 2015 by Auerbach Publications. This book serves as the initial launch for a series of leading practice internal audit and information technology publications. Her third book entitled “Ethics and the Internal Auditor’s Dilemma” is expected to be out in the Fall 2016. In addition, Ms. Fountain is a frequent blogger on the LinkedIn platform and has also had numerous articles published in professional and technical publications. She is currently authoring a third technical book on Corporate Ethics and the Internal Auditors Challenge.

She has performed as an adjunct instructor for the School of Business for Grantham University and developed the first internal audit curriculum for the School of Business at the University of Kansas. Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CGMA, CRMA credentials and CPA certificate (non-active).

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