February 2019

Canton IMA


 The Newsletter of the IMA Canton Chapter

 February 2019


 Jeff Walters, President
 Cullen Bahler, Editor


 In This Issue:

 This Month's Technical Sessions
 Strategic Finance
 Webinar Schedule
 Upcoming IMA Technical Sessions

 Connect with Us!

 Do you have info to share with our chapter?

 Email it to info@cantonima.org.

  Canton Chapter of IMA February Meeting
  Tuesday, February 19, 2019 | 5:00 - 7:30 pm

  Kozmo's Grille: 37 1st St SW, Massillon, OH 44647 (directions)


Registration Deadline: Friday, February 15th, 5:00 pm

Please click here to register


 Pre-Dinner Technical Session
(5:00 pm - 6:00 pm):

If Cybersecurity Isn't An I.T. Issue, What Is It?

Presented by Damon Hacker, President & CEO, Vestige Digital Investigations

HackerDamon Hacker is President, CEO, and a founder of Vestige Digital Investigations, a leading U.S. Electronic Evidence Experts company specializing in CyberSecurity, Digital Forensics, and ESI Consulting.

A pioneer in digital forensics and IT security, he has helped to shape this important and fast-moving industry having testified before the US Judicial Conference on proposed rule changes to Civil Procedure that affected the Digital Forensics and litigation industries. He continuously helps to improve the techniques, processes, and technology in this specialized field. He is a court approved Expert for testimony.

Damon aired on the Legal Broadcast Radio Network, and has been published in several magazines including Inc Technology, Smart Business News, and Crain's Cleveland Business. In addition, Mr. Hacker frequently consults for a number of Hollywood productions including: CSI: Las Vegas, CSI: Cyber, Bones, and The Blacklist.

He is an in-demand speaker on the subject of Digital Forensics and CyberSecurity, covering such topics as: Computer Fraud, White Collar Crime, Internal Investigations, Data Breach and Non-Compete/IPTheft.

Damon earned his MBA from the Weatherhead School of Management and his undergraduate degree from Case Western Reserve University in Cleveland, OH.

 Post-Dinner Technical Session
(6:30 pm - 7:30 pm):

Data Management & Analytics Using Python

Presented by Christopher Holmes, MBA, CPA, CMA Manager, Finance Digital Initiatives for the The J. M. Smucker Company

HolmesChristopher Holmes is a Manager, Finance Digital Initiatives for The J. M. Smucker Company where he built and implemented a machine learning pipeline to perform transaction classification for zero-based budgeting initiatives. In his role with the company, he uses data science tools (R, Python) to enhance and automate finance functions and build more robust data models from multiple sources. He also collaborates cross-functionally to develop metrics, analytics, data structures, and processes to support finance, IT, costing, and supply chain functions. Chris supports and leverages data virtualization and other system enhancements to build value and efficiency across the finance and supply chain functions.

Chris has been with J. M. Smucker since 2008. His previous roles included Assistant Manager, Supply Chain Finance Initiatives and Assistant Manager, and Operations Accounting.

Chris attended Ashland University where he received a BS in Accounting and a MBA in Executive Management and Supply Chain Management. He has served as a member of the Adjunct Faculty at Ashland University and is a past-board member of the Canton Chapter of the Institute of Management Accountants.

 Strategic Finance

 The New Revenue Recognition Rules

 By Bridget Lyons, DPS, and Barbara Tarasovich, CPA, CGMA, DPS

Revenue The 2018 annual reporting period will mark the first full year of implementation of the new revenue recognition rules,
 Revenues from Contracts with Customers, for public companies. The new rules will soon be in effect for private
 companies and remaining entities as well. Since revenue is perhaps the most important number in a company's financial
 statements, it's critical that financial analysts, managers, and other statement users understand the impact of the new 

 Issued by the Financial Accounting Standards Board (FASB) as Accounting Standards Codification® (ASC) 606 and by the International Accounting Standards
 Boards (IASB) as International Financial Reporting Standards (IFRS) 15, the new standards contain a number of significant changes that impact the ways
 companies account for revenue. The motivation for the changes is to remove inconsistencies and weaknesses in existing revenue requirements and provide a
 more robust framework for addressing revenue issues.

 The new standards should improve the comparability of revenue recognition practices across reporting entities, industries, jurisdictions, and capital markets 
 and provide better information to investors and external users of financial information by improving disclosure requirements.

In line with a principles-based approach, there's also a reduction in the number of standards and requirements companies need to  refer to when ensuring compliance with Generally Accepted Accounting Principles (GAAP). Under IFRS, companies have used a principles-based model and are accustomed to this accounting framework. Under prior codified standards, U.S. GAAP was more rules-based, so moving U.S. GAAP toward a principles-based model is a big shift. Judgment plays a much larger role in the application of the new standards.

 We created a short quiz to gauge your understanding of the key features and implications of these new standards (see "Revenue Recognition Quiz"). The quiz
 is essentially divided into three basic sections: those affected by the new standards, the key features, and implications for financial analysis. We'll go over
 each section separately, providing the answers and examining the concepts in greater detail. By discussing each of these important questions, with an
 emphasis on the changes to U.S. GAAP, we hope to provide greater understanding and insight into the new rules and their potential impact.

 This is an abstract. To complete the quiz and to read the entire article, please click here

 IMA Webinars

 The IMA webinar program enhances
 your career by bringing you the latest
 thought leadership and developments 
 in the profession. IMA conducts more
 than 50 webinars every year at no
 cost to our members.

 Attending any live webinar qualifies
 for 1 to 1.5 hours of NASBA CPE
 credit(s). Webinars may be replayed
 from the archives but these viewings
 do not earn credits. Advance
 registration is strongly recommended
 — The IMA webinars are extremely
 popular and fill up quickly.

Mentoring - The IMA Way
Leadership Academy

February 05, 2019 
01:00 PM - 02:00 PM

The Time is Now - Why Accounts Payable Needs an Automation
Inside Talk

February 13, 2019 
01:00 PM - 02:00 PM

How High-Growth Companies Leverage Leading Practices to Reach Their Maximum Potential
Inside Talk

February 20, 2019 
01:00 PM - 02:00 PM

Top 10 ERP Selection and Implementation Lessons Learned
Inside Talk

February 27, 2019 
01:00 PM - 02:00 PM

Leading Change
Leadership Academy

March 05, 2019 
01:00 PM - 02:30 PM


Register for Any Webinar

  Join Us at IMA Technical Sessions

 2019 tech sessions will be held at Kozmo's Grille with any exceptions noted below.

 Each meeting consists of two technical sessions, each of which is one hour in length. The first session
 begins at 5:00 pm and the second session begins at 6:30 pm and dinner will take place between the

 The meeting dates are as follows:

  • February 19, 2019
  • March 19, 2019
  • April 16, 2019
  • May 21, 2019

 The cost for dinner is $30 for members/guests and $15 for students. Please look for invitation emails with
 registration information prior to each meeting.


  • Social/Networking at 4:45 pm
  • Pre-Dinner Technical Session at 5:00 pm
  • Dinner at 6:00 pm
  • Post-Dinner Technical Session at 6:30 pm

© 2010-2018 Institute of Management Accountants - Canton Ohio Chapter # 155. All rights reserved.

The mission of the Institute of Management Accountants (IMA) is to provide a forum for research, practice development, education,
knowledge sharing, and the advocacy of the highest ethical and best business practices in management accounting and finance.
Please join us as we promote this mission in the greater Canton, Ohio, area.