Guide to the New Revenue Recognition Model for All CPAs (WEBS0539)

Saturday, September 23, 2017 | 1:00 PM - 4:30 PM (Registration at 12:30PM) EST |

Description

The effective date for Topic 606, Revenue from Contracts with Customers, is rapidly approaching. Are you ready? Designed for accounting and auditing practitioners at all levels in both public accounting and business and industry, this course provides a thorough review of the FASB's comprehensive new revenue recognition guidance found in Topic 606, Revenue from Contracts with Customers. The course begins with a quick overview of the new guidance from 30,000 feet, before diving into the details of the FASB's new five-step revenue recognition model. Additional guidance, presentation, and disclosures are then covered before the course wraps up with a brief look at changes already being proposed to the new guidance. Plenty of examples are used to illustrate the practical application of the ins and outs of the new guidance (including journal entries) to help you better understand and apply the complexities of this completely revamped area of accounting. Additionally, the course discusses the recent Updates to Topic 606 that provide additional guidance on such issues as licenses, collectibility, and performance obligations. Revenue recognition changes could impact wording in contracts, tax planning strategies, budgets, debt covenant compliance, incentive compensation plans, and more. In other words, this comprehensive change in revenue recognition is so much more than simply understanding the resulting debits and credits in the financial statements. As such, it is imperative that all accounting and auditing practitioners at all levels, in both public accounting and business and industry, begin their review and preparation for implementing Topic 606 NOW.

Objectives

  • Explain the FASB’s new revenue recognition guidance found in Topic 606
  • Describe the FASB's new five-step revenue recognition model
  • Discuss the presentation and disclosure requirements in the new standard
  • Utilize hands-on examples and illustrations to increase your overall understanding and application of the material

Cost

Standard Registration: $139 SCACPA Members, $179 Non-Members

Major Topics

  • Topic 606, Revenue from Contracts with Customers, including recently issued Updates impacting Topic 606
  • The FASB's new five-step revenue recognition model, including hands-on examples and illustrations of the new guidance
  • Presentation and disclosure requirements

DETAILS

Course Code:
WEBS0539

Credits:
4.00 Accounting

Field of Study:
Accounting

Vendor:
Business Learning Institute

Course Type:
Webinars/Webcasts

Level:
Intermediate

Prerequisite:
Experience in accounting and auditing

Advanced Preparation:
None

 

 

 

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