Meeting Archive:
Challenges to consider in the implementation of ASC 606- Revenue from Contracts with Customers


Meeting Description:

In May 2014, the Financial Accounting Standard Board (FASB) and the International Accounting Standard Board (IASB) published their largely converged standards on revenue recognition. Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, and IFRS 15 with the same title, created a new principle-based revenue recognition framework that will affect nearly every revenue-generating entity.

 

ASC 606 applies to all contracts to provide goods or services to customers, except for leases, insurance contracts, financial instruments, and certain guarantees and non-monetary exchanges. This standard is one of the most significant changes ever in US GAAP, which have resulted in many challenges to be considered in businesses during the implementation process.

Topics:
  • Overview – Summary of the five steps process for recognizing revenue
  • Challenges encountered during the assessment and application of the standard
  • Impact of COVID 19 – Deferral of pronouncement
 
Details
Date: Thu, Sep 24, 2020
Time: 02:00 PM EDT
Duration: 1 hour
Host(s): Kevane Grant Thornton - Audit Department
 Presenter Information
Kayra Rivera, Managing Director
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Kayra has over twenty-two years of experience in public accounting and provides services to clients in the retail, government and not for profit, OMB Circular A-133, real estate, subsidized housing projects (HUD), hospitality, service and telecommunication industries.
 
She is a cum laude from the University of Puerto Rico, and holds a bachelor’s degree in business administration, major in accounting.  She is certified as Chartered Global Management Accountant (CGMA) under the American Institute of Certified Public Accountants (AICPA) and the Chartered Institute of Management Accountants (CIMA).
 
She is a member of the Puerto Rico State Society of Certified Public Accountants and the American Institute of Certified Public Accountants. Kayra was member of the Board of Directors of the Puerto Rico Products Association and recently was designated as Director of the Puerto Rico Business Development Corp. 
 
 
 
 

 


Janice Velázquez, Audit Manager
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Janice has over fifteen years of experience in public accounting and is responsible for all phases of ongoing projects and of the administration of the engagements for clients in the hospitality, dealership, real estate development, manufacturing and retail industries; also has experience in the employee retirement plan financial and compliance audit sector.

Also, she has experience in developing and supervising assistants, reviewing financial statements and related technical accounting issues; and assisting in engagement management and practice development activities. 

She is a magna cum laude graduate with a bachelor’s degree in business administration, major in accounting, from the University of Puerto Rico, Bayamón campus and an active member of the Puerto Rico State Society of Certified Public Accountants and of the American Institute of Certified Public Accountants.


Marisol Rodríguez, Audit Manager
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Marisol has over fourteen years of experience in public accounting and is responsible for all phases of ongoing projects and of the administration of engagements for clients in the government, depository and lending institutions, investment companies, brokers and dealers, mortgage banking, outsourcing work according to Sarbanes Oxley and Banking/FDIC regulations, subsidized housing projects (HUD) and pension plan audits.

Also, she has experience in developing and supervising assistants, reviewing financial statements and related technical accounting issues; and assisting in engagement management and practice development activities.

She is holds a bachelor’s degree in business administration, major in finance from the University of Puerto Rico, and an active member of the Puerto Rico State Society of Certified Public Accountants and of the American Institute of Certified Public Accountants.