Deloitte Foundation and Federation of Schools of Accountancy Host 16th Annual Faculty Consortium

STAMFORD, Conn., June 19, 2018 /PRNewswire/ -- More than 90 accounting educators and professionals convened at the 16th annual Deloitte Foundation Federation of Schools of Accountancy (FSA) Faculty Consortium, held at Deloitte University. This year's program, "Implementing the New Revenue Recognition Standard," discussed the principles and applications of the new standard and provided case studies professors can incorporate into curricula.

Primary objectives of the Deloitte Foundation/FSA Faculty Consortium are to encourage open dialogue between accounting practitioners and academia; and provide cases for the classroom that cover the latest emerging business and accounting issues and trends. Deloitte, the Deloitte Foundation, and the FSA board work collaboratively to develop and execute the content-rich program. The shared goal is to deliver relevant business insights that reflect today's increasingly complex accounting and auditing challenges; and ultimately to help strengthen the talent pipeline of future CPAs.

This year's agenda included in-depth presentations, case studies and a panel discussion to unpack the new revenue recognition standard, potential implementation challenges, as well as which industries are significantly impacted and why.

"Unlike many accounting standards that are rules based, this new revenue recognition standard is primarily based on principles," noted Rob Moynihan, audit and assurance partner, Deloitte & Touche LLP, who led several sessions. "When there are not binary rules to follow, it will be important for the future generation of accountants to have a solid understanding of the standard's concepts and be able to apply critical thinking skills to get to a solution." 

"Many companies adopted the new revenue standard earlier this year," continued Moynihan. "We were able to bring implementation challenges and judgement areas businesses experienced — directly to educators who can incorporate these case studies into their classroom."

"The Deloitte Foundation/FSA Faculty Consortium provides an outstanding vehicle for accounting faculty from FSA schools to interact with Deloitte professionals and faculty from across the country," remarked Rebecca Shortridge, past president, FSA. "This year, participants had the opportunity to work through multiple case studies on the new revenue recognition standard from accounting, auditing and financial reporting and discloser perspectives. These materials offer real-world applications that help facilitate classroom learning for the next generation of accounting professionals."

About the Federation of Schools of Accountancy
The FSA is committed to the promotion and support of high-quality accredited graduate accounting programs. The FSA, along with its community of graduate accounting programs, accomplishes its mission by encouraging the pursuit of Ph.D. education and the use of Ph.D.s. in accounting programs; promoting the value of accredited graduate programs among students, employers, and society; providing independent input into current accreditation processes and standards; involving faculty in challenges facing the accounting profession; and sharing innovation in graduate education and processes for achieving and maintaining accreditation. Learn more about the FSA.

About The Deloitte Foundation
The Deloitte Foundation, founded in 1928, is a not-for-profit organization that supports education in the U.S. through a variety of initiatives that help develop the talent of the future and their influencers and promote excellence in teaching, research and curriculum innovation. The Foundation sponsors an array of national programs relevant to a variety of professional services, benefiting middle/high school students, undergraduates, graduate students and educators. Learn more about the Deloitte Foundation.

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SOURCE Deloitte

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