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SQ Chapter Board of Directors Monthly Meeting November | M1171119
November 19, 2019
San Joaquin Valley
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Events and Programs
FR APAS COMM: 606 Discussion for Agricultural Clients | F2011119- CANCELLED
Claudia E Crider, CPA
November 12, 2019 4:00 PM - 5:00 PM
Level of Difficulty :
CPE Credits :
CPE 1.00, AA 1.00
During this session, we will discuss the nuances of adopting ASC 606 and revenue from contracts with customers, as it relates to agricultural entities. The focus will be on agreements on consigned, long storage period of fruits, nuts, and vegetables that are delivered to a packer/processor/shipper where pooling or deferred pricing is present.
Recognize the new revenue standard as it applies to the agricultural industry.
Identify nuances specific to your client's needs in adopting ASC 606.
Determine potential effects on your client's financial reporting.
Topics we will specifically cover include:
a. Farm level – discussion of activities at the farm level only – growing, harvesting, delivery, storing, packing, shipping, etc. and rev rec issues
b. Packer/Processor/Shipper – discussion of activities at the Packer/Processor/Shipper level only – receiving, handling, storing, packing/processing, storing, shipping, etc. and rev rec issues
c. Sales Desk – discussion of activities at the Sales Desk – customer order/contract, shipping terms, invoicing, title transfer, collections, etc. and rev rec issues
d. Consolidated Farm/Packer/Processor/Shipper discussion
e. Consolidated Farm/Packer/Processor/Shipper/Sales Desk discussion
f. Different year-ends effect on rev rec issues
g. Switching to NRV and qualifying report
h. Complexity caused to supplement information reporting
Following the presentation you are encouraged to stay and network with fellow CPAs and class participants.
Snacks and beverages will be provided.
Level of Difficulty:
Field of Interest:
Basic understanding of ASC 606.
Claudia E Crider, CPA
Claudia Crider has over fifteen years of public accounting experience planning, supervising and performing audits, compilation and review engagements for private companies in a variety of industries, including; agriculture, food and beverage, manufacturing, and farm equipment and automotive dealerships. In addition, she has provided consulting services including; internal control assessments, ratio analysis and budget assistance for small to medium sized companies.
No Agenda or Materials posted.
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