Revenue Recognition: A Step-by-Step Expert’s Guide Self-Study Webinar (11 Hours)

Overview: 

The new Revenue Recognition Standard (ASC 606) dramatically changes the way you, your company, or your clients, recognize revenue by replacing existing US GAAP with a new core principle and a 5-Step Process. In this self-study workshop, you’ll gain an in-depth understanding of the New Standard and learn how to make necessary changes to your:

  • Key financial measures and ratios and IT systems
  • Accounting, sales and contracting processes and internal controls
Objective: 

To help accountants and other financial professionals understand the latest accounting rules for Revenue Recognition. You’ll gain the confidence to comply with the core principles and 5-Step Process for recognizing revenue as required by the New Standard (ASC 606). The webinar will also highlight differences with the previous GAAP. Real-world examples and case studies will guide participants to practical solutions for their specific circumstances.

Emphasis: 
  • Recognizing revenue under the new 5-Step Model
  • Comparing the New Standard with prior GAAP, including review of significant changes and problem areas
  • Timeline, action plan, and implementing the transition process
  • Costs to obtain a contract
  • Principal vs. agent
  • Collectability
  • Licenses
  • Contract modifications
  • Combining and segmenting contracts
  • Multiple deliverables
  • Significant financing components and the time value of money
  •  Significant changes from prior GAAP, including bill and hold transactions, percentage of completion method, breakage and escheats, fixed fees, one-time fees, and gross vs. net
  • Specific industry illustrations
  • Understanding and complying with quantitative and qualitative disclosure requirements
  • Retrospective vs. modified retrospective adoption—practical expedients and transition issues
  • The latest deliberations of the Joint Transition Resource Group and FASB’s responses
  • Deferred taxes and impact of tax reform (Tax Cuts and Jobs Act of 2017)

Recognize the concerns leading up to the creation of the new revenue recognition standard

Recognize the objectives of the new revenue recognition standard

Recognize the implications of the new standard on disclosures

Identify the scope of the new standard

Identify the overall approach to revenue recognition under the standard

Recognize the preliminary processes necessary to implement the standard

Identify the areas of highest impact under the standard

Identify the standard’s impact on financial reporting for taxes

Identify the steps within the revenue recognition model

Recognize the new judgments that will have to be made under the standard

Recognize the criterion for a contract under the standard

Identify the characteristics of multiple contracts that should be combined

Recognize the characteristics of a contract modification that should be accounted for as a separate contract

Identify the characteristics of a separately identifiable performance obligation

Identify the indicators of a transfer of control of underlying goods or services

Identify the implications of revenue recognition on intellectual property licenses

Identify the implications of revenue recognition on customer loyalty programs

Recognize the proper treatment of nonrefundable up-front fees that do not relate to the transfer of a good or service

Recognize the different forms of variable consideration

Identify the accounting treatment of variable consideration under the standard

Recognize the approach appropriate for estimating variable consideration

Recognize the level at which the constraint on variable consideration should be applied

Recognize the characteristics of optional purchases vs. variable consideration

Recognize the accounting treatment of noncash consideration received under the standard

Identify whether a revenue contract contains a significant financing component

Identify the practical expedient applicable to a significant financing component

Identify the characteristics of a principal vs. agent role in revenue recognition

Identify the method for allocating transaction price to a performance obligation

Recognize the accounting treatment of variable consideration in the standard

Identify the characteristics of the transfer of control of a good or service

Identify criteria distinguishing control transferred over time vs. a point in time

Identify the accounting treatment of inestimable customer returns

Identify the accounting treatment of a bill-and-hold arrangement

Identify the disclosure requirements of nonpublic entities relative to public entities

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Price: 
$399.00
Prerequisite: 

None.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Intermediate.

CPE Credit: 
11.00
NASBA Field of Study: 
Accounting