ASC Topic 606, Revenue from Contracts with Customers is FASB’s new revenue recognition standard. Are you prepared? This course provides a practical understanding of the FASB’s new revenue recognition guidance starting with a brief overview and then goes into a deep dive of the new Five-Step process. Additional guidance, best practices, presentation, and disclosures are also provided. In addition, the course discusses the recent Accounting Standard Updates (ASUs) to Topic 606 that provide additional guidance on such issues as collectibility and performance obligations. The new revenue recognition standard could impact existing contract terms, tax planning strategies, budgets, debt covenant compliance, incentive compensation plans, etc. In other words, this new standard is much more than an accounting issue, it’s a business issue. As such, it is critical that all accounting and auditing practitioners, in both public accounting and business and industry, begin their review and preparation for implementing Topic 606 as soon as possible.
Course ID: REVREC2
New Revenue Recognition Standard – What You Need To Know!
Learning Objectives
- Explain the FASB’s new revenue recognition standard
- Describe the new Five-Step Model
- Discuss the new presentation and disclosure requirements
- Provide the transition requirements and practical application of initial adoption of the new standard
Major Topics
- ASC Topic 606, Revenue from Contracts with Customers, including recently issued ASUs impacting the new standard
- FASB’s new Five-Step Model, including the new presentation and disclosure requirements and practical application
Who Should Attend
CPAs, accountants, auditors, CEOs, CFOs, controllers, financial statement preparers and others seeking guidance on how to implement the FASB’s new revenue recognition standard – ACS Topic 606, Revenue from Contracts with Customers
Fields of Study
AccountingPrerequisites
Experience in financial reporting and auditing