CPAR Auditing Practice

CPAR - 2021/June, Seg 5 - GASB Revenue and Expense Recognition Project

In 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) that establishes the performance obligation model as the basis for revenue recognition. The IASB adopted a similar standard when it issued IFRS 15, Revenue from Contracts with Customers. These two standards were the result of a FASB and IASB convergence project, with the common goal to issue equivalent accounting standards. It also prompted GASB to consider a performance obligation approach to the GASB's standards. GASB's revenue and expense recognition project is considering developing or improving guidance on revenue recognition. Warren Ruppel, CPA, partner at Marks Paneth LLP gives us an overview of the project and discusses the objectives of the project as well as any limitations and challenges.

Learning Objectives:

  • Understand the GASB's considerations for the Revenue and Expense recognition project;
  • Recognize the potential challenges and exclusions in the Preliminary Views document;
  • Identify the nature of transactions and criteria met to be classified as Category A and B; and
  • Recognize the five assumptions used by the GASB in the development of the revenue and expense recognition model.

Prerequisites/Advanced Preparation:

Work experience in government accounting or auditing, or an introductory course in government auditing.

Speaker / Author:

Warren Ruppel
Warren Ruppel, CPA, began his career in 1979 with KPMG after graduating from St. John’s University, New York. He served numerous audit clients, including many not-for-profit organizations and governments that received federal financial assistance. In 1989, he joined Deloitte & Touche to specialize in audits of not-for-profit organizations and governments.

Mr. Ruppel has since served as the chief financial officer of a not-for-profit organization subject to the requirements of A-133, as a partner in a small CPA firm, and as an assistant comptroller for accounting for a large municipal government. He has written and conducted numerous training courses and seminars over the course of his career and is widely published in the areas of not-for-profit and governmental accounting and auditing. In addition, he has taught for the New York State Society of CPAs and has been an Adjunct Lecturer of Accountancy at the Bernard M. Baruch College of the City University of New York.

Mr. Ruppel is a member of the American Institute of Certified Public Accountants and the New York State Society of CPAs, where he is a member of the Audit Committee and serves on the Not-for-Profit Accounting and Governmental Accounting and Auditing Technical Committees. He is a former president of the New York chapter of the Institute of Management Accountants. He is also a member of the Special Review Committee of the Government Finance Officers Association.


Price (USD)

Standard: $69.90


Course Code : CPAR1518-FM

Release Date : 06/22/2021
Expire Date : 08/12/2022
Credits :
CPE 2.00
QAS 2.00

Length : 1hr 40min
Course Level : Update
Course Type : Self-Study
Passing Grade : 70%
Format Type : eLearning
Mobile Compatible
Field Of Study : Accounting - Governmental

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