Manufacturing & Distribution: Be Prepared For New Revenue Recognition Standards

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Major accounting for revenue recognition rule changes will soon go into effect — and they will have a considerable impact on how many manufacturing and distribution companies report their financial results. The 700-page Revenue Recognition accounting standard includes new rules that will require entities to not only disclose more information than they do now, but also change how they recognize income.

Join us on January 11th as VonLehman’s Adam Davey and Beth Vice discuss what’s changing, when the changes must be implemented, and how they’ll affect financial statements.

Learning objectives:

• Difference Between Current GAAP and Topic 606 (New Revenue Recognition Standard)
• Assessment of Current Resources
• Tax Accounting and Planning Impact
• Internal Control Considerations and Procedural Changes
• Disclosure Requirements — Before and After Implementation
• Transition Process and Implementation Date Selection
• How the Changes will Affect your Company’s Financial Statements in the Future

About the presenters:

Adam Davey, Shareholder, CPA, CVA, CFE, joined VonLehman & Company Inc. in 1994. He serves as the firm’s Director of Assurance Services. Adam specializes in audits of manufacturing companies, nonprofit and governmental entities. He also performs accounting, tax and consulting engagements for closely-held businesses and financial institutions. He serves on the firm’s Manufacturing and Distribution Service Group, the Financial Institution Service Group, and the Litigation Support Group.

Beth Vice, Shareholder, CPA, joined VonLehman & Company Inc. in 1998 as a co-op and began working full time in the spring of 2001. She is Chairman of the firm’s Manufacturing & Distribution Group. Beth is also a member of the firm’s manufacturing/distribution services committee, nonprofit & governmental committee, and quality control committee.