The effective date of FASB ASC 606, Revenue from Contracts with Customers, is here! Do you know which contracts are within the scope of the standard and when revenue should be recognized at a point in time of over time? This course answers those questions by providing a basic understanding of the five-step process for recognizing revenue under FASB ASC 606. Supported by practical examples, this course addresses core principles that all CPAs need to know. Updates to this course include the latest guidance from FASB, industry-specific examples taken from the AICPA Audit and Accounting Guide, Revenue Recognition, as well as disclosure illustrations. 

Learning Objectives

This course is intended to familiarize the learner with the core principles of revenue recognition from contracts with customers. 

When you complete this course, you will be able to: 

• Recognize principles of FASB ASC 606. 

• Recognize requirements for identifying a contract under FASB ASC 606. 

• Recognize performance obligations under FASB ASC 606. 

• Recognize requirements for determining a transaction price under FASB ASC 606. 

• Recognize requirements for allocating a transaction price under FASB ASC 606. 

Major Topics

• 5-step process for recognizing revenue 

Designed For

Accountants in public practice, industry, and academia who need an update on the latest revenue recognition guidance 

This virtual seminar is being offered through our partnership with Midwest State CPA Societies. You will launch from your MyOSCPA learning center day of and be prompted to enter in name and state society at time of entering.

How do I treat a property transaction?

You'll be able to answer this question after taking a focused look at the IRS cost and repair regulations. With an understanding of capitalized cost and depreciation rules, you can help your clients achieve significant tax savings. You'll also learn about the rules for:

- Depreciation

- Amortization

- Like-kind exchanges

- Involuntary conversions

- Business property sales

- Property-related timing issues

- Planning opportunities

What's going on with capitalized costs and depreciation?

Course materials cover the latest legislation, including:

- The requirement to capitalize and amortize Section 174 research and experimentation expenditures

- Changes to bonus depreciation levels starting in 2023

- The technical correction issued in the Coronavirus Aid, Relief, and Economic Security (CARES) Act

Learning Objectives:

· Recall the initial tax basis and adjusted tax basis of business property.

· Identify the tax basis of self-constructed assets.

· Distinguish between deductible repairs and capitalized improvements.

· Recall changes in the tax rules to the classification of expenditures such as materials, supplies, repairs, and improvements.

· Recall the fundamentals of modified accelerated cost recovery system (MACRS) depreciation.

· Recognize which assets are considered listed property.

· Recognize the types of purchased intangible costs that must be capitalized.

Who will benefit:

· Public accounting staff and senior associate

· Tax professionals in company finance or tax departments

THIS IS AN AICPA HOSTED WEBCAST. YOU WILL LAUNCH THE COURSE FROM YOUR OSCPA LEARNING PORTAL. AICPA WILL ISSUE AND MAINTAIN YOUR CREDITS. PLEASE MAKE SURE TO DOWNLOAD YOUR CPE CERTIFICATE FROM AICPA WEBCAST PORTAL AT THE CONCLUSION OF THE WEBCAST.

NOTE – This ethics course has not been approved by the Accountancy Board of Ohio therefore does not count towards your mandatory 3 Hours of Professional Standards & Responsibilities credit per renewal period. This course does count towards your 120 CPE Hours.

This course shows how undisciplined decisions in business can lead to government investigations and prison terms. We profile three entrepreneurs from three separate industries who built billion-dollar enterprises. Despite well-developed infrastructures, simple business decisions led to their being wrapped into government investigations, criminal indictments, and collateral consequences that accompany felony convictions for white-collar crime related to federal election laws, tax fraud, and securities fraud. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Major topics covered in this course include:

• How government investigations for white-collar crimes begin
• How investigators and prosecutors build cases against business leaders
• Differences between witnesses, subjects, and targets
• Civil versus criminal allegations and proceedings
• Collateral consequences of a criminal charge
• Understanding the role of defense attorneys
• Differentiate between challenges in business and allegations of wrongdoing
• Influence on financial loss amounts and sentencing
• Lowering risk levels for government investigations or allegations of white-collar crime

Who will benefit:

Financial services professionals looking to get ideas on how to create training strategies that will lower risk levels for investigations of white-collar financial crimes.

This webcast is hosted on CPA Crossing platform. Attendees will receive instructions on how to attend the webcast via e-mail.

CPAs spend most of their working lives reviewing bank statements and books and records of businesses. They are experts in understanding how to prepare financial statements according to GAAP. But would a CPA know a possible money laundering transaction if they saw it? Would they know about a money laundering business? Money laundering is a subject of many action and thriller movies, but rarely understood. This presentation will educate the CPA in understanding the basics of money laundering and how to identify money laundering. This presentation will help the CPA know the truth about money laundering, how to identify it, the statutes that define it, and the court cases that interpret it. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

The major topics covered in this class include:

• The theory of money laundering
• Common money laundering statutes
• Examples from court cases of money laundering statutes
• Common occurrences with CPAs
• Possible money laundering transactions
• Applying the money laundering statutes in real life scenarios

Who will benefit:

Internal and external auditors, CPAs who prepare compilations and reviews.

This webcast is hosted on CPA Crossing platform. Attendees will receive instructions on how to attend the webcast via e-mail.

Management Skills - Exhibiting Traits of a Balanced Leader-Manager provides tips and techniques for striking the right balance between managing individuals and engagement teams and leading the overall strategic direction of a firm. Short-term profitability and long-term viability are important objectives of any successful organization. Note:
This course is recommended as a part of a 16-hour audit skills curriculum for managers, while it is also appropriate for anyone who has responsibilities for leading or managing others. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

The major topics covered in this course include:

• Differentiating between managing and leading, while highlighting the importance of each
• Assessing your own natural management and leadership style
• Adapting management and leadership styles to the specific circumstances
• Becoming a catalyst for positive change
• Overcoming barriers to successfully managing and leading
• Successfully engaging in difficult conversations to minimize performance issues and conflict

Who will benefit:

Accountants with both short-term management and long-term leadership responsibilities

This webcast is hosted on CPA Crossing platform. Attendees will receive instructions on how to attend the webcast via e-mail.

This course provides a concise overview of how to utilize ChatGPT for advanced financial analysis in accounting. The session reveals how to combine sophisticated evaluation and interpretation of financial data with the cutting-edge AI capabilities of ChatGPT. Aimed at enhancing the understanding of an entity's performance, predicting future financial health, and aiding in informed business decision-making, this course goes beyond basic financial statement analysis to include a wide array of techniques and tools. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

The major topics that will be covered in this course include:

• Financial Modeling with ChatGPT Integration
• Advanced Ratio Analysis Techniques
• Risk Assessment and Scenario Analysis
• Valuation Methods and ChatGPT Applications
• Utilizing Performance Metrics in Financial Analysis
• Data Analysis and Interpretation with AI
• Investment Analysis Enhanced by ChatGPT

Who will benefit:

Accountants and financial analysts seeking to deepen their expertise in financial analysis through the integration of AI and ChatGPT tools will greatly benefit from this course.

This webcast is hosted on CPA Crossing platform. Attendees will receive instructions on how to attend the webcast via e-mail.

Which leases are within the scope of FASB ASC 842, Leases, and what are the basic accounting, financial reporting, and disclosure requirements? This course addresses those questions by focusing on the basic core principles of this major standard. By centering on the core principles of this significant standard, we provide clarity on essential topics such as the identification, recognition, measurement, presentation, and disclosure requirements for leases. Engaging case studies are incorporated throughout the course to illustrate the application of the standard. Additionally, this course explores the lessee accounting model, shedding light on lease classification, amortization of the right-of-use asset, and the calculation of interest on the lease liability. This course also examines the accounting model for lessors, addressing key considerations such as profit recognition and the assessment of collectability. 

Learning Objectives 

This course is intended to familiarize the learner with the key aspects of the leases standard, FASB ASC 842. 

When you complete this course, you will be able to: 

• Recognize arrangements which meet the scope requirements for lease accounting under FASB ASC 842. 

• Recognize lessee accounting requirements for operating leases and finance leases under FASB ASC 842. 

• Recognize lessor accounting requirements for sales-type, direct financing, and operating leases under FASB ASC 842. 

• Recognize presentation requirements for lessees and lessors under FASB ASC 842. 

• Recognize business factors to consider when implementing FASB ASC 842. 

Major Topics

• Lease classification 

• Amortization of the lease asset 

• Derecognition of the underlying asset 

• Recognition of lease receivables 

Designed For

Accountants in practice and industry 

This virtual seminar is being offered through our partnership with Midwest State CPA Societies. You will launch from your MyOSCPA learning center day of and be prompted to enter in name and state society at time of entering.

This course explores the FASB codification provisions and AICPA financial reporting framework for transaction with related parties, including business owners and special purpose entities. Real-life examples are used to illustrate the various authoritative standards and discuss the consequences of failing to comply. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

The major topics covered in this class include:

• FASB codification provisions for transactions with related parties, including business owners and special purpose entities.
• Compare and contrast those rules with the AICPA financial reporting framework for small and medium-sized entities.
• Review the tax accounting related taxpayer standards.
• Real-life examples applying the various authoritative standards. Consequences of failing to comply with the standards.

Who will benefit:

CPAs working in public accounting firms and members in industry.

This webcast is hosted on CPA Crossing platform. Attendees will receive instructions on how to attend the webcast via e-mail.

Making Rain - Improving Success with Retaining Clients and Attracting Prospects provides tips and techniques for ensuring that your firm has the capacity to grow and expand its book of business in a healthy way. It costs more money to develop a new client than to simply retain an existing one. While a CPA firm with longevity needs to continuously develop new business to replace departing clients, a proper balance of marketing efforts should be divided between existing clients and prospects. Note:
This course is recommended as a part of a 8-hour audit skills curriculum for managers, while it is also appropriate for anyone who has client relationship or prospecting responsibilities. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

The major topics covered in this course include:

• Continued marketing to existing clients
• How to better connect with existing and prospective clients
• Motivating prospective clients to engage with your firm
• Methods for building value perceptions with existing and prospective clients
• Differentiating your firm from the competition, including translating features into benefits
• Handling objections and closing a sale

Who will benefit:

Accountants retaining existing clients and developing prospective new clients

This webcast is hosted on CPA Crossing platform. Attendees will receive instructions on how to attend the webcast via e-mail.

Social media - it's a buzzword, but is it beneficial for your firm's brand? And more importantly, your bottom line? This course focuses on the latter and takes a deep dive into which social media platforms are best for accounting firm lead generation, recruitment, client retention and more. Attendees will take away a practical framework and actionable tactics for integrating social media into your firm's overall marketing and communications strategy to help you grow your revenue without having to spend hours on social media or even be on it personally if you don't wish to! This event may be a rebroadcast of a live event and the instructor will be available for questions during the event.

• An overview of the key social media platforms that accounting firms should consider as part of their overall social media strategy.
• Current trends in lead generation using social platforms.
• Specific tactics for social media as part of your ongoing marketing, recruitment, and new business development efforts.

Who will benefit:

Firm leaders and marketing/business development professionals.

This webcast is hosted on CPA Crossing platform. Attendees will receive instructions on how to attend the webcast via e-mail.