Revenue Recognition: A Step-by-Step Expert's Guide

Overview: 

ASC 606, the current Revenue Recognition Standard, has dramatically changed the way you, your company, and your clients recognize revenue by replacing existing US GAAP with a new core principle and a 5-Step Process. In this updated seminar, you’ll gain an in-depth understanding of the revenue recognition standard and learn how to:

  • Understand the scope of ASC 606
  • Apply the 5 steps in ASC 606 to analyze revenue contracts
  • Make necessary changes to your 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 required by ASC 606. The course will also highlight differences with previous GAAP. Real-world examples and case studies will guide participants to practical solutions for their specific circumstances.

Emphasis: 
  • Revenue from Contracts with Customers
    – Problem areas
    – Fraud detection and prevention
    – Recognizing revenue
  • Scope of the Revenue Standard
  • The 5-Step Revenue Model
    – Contract modifications
    – Applying series guidance
    – Performance obligations
    – Variable consideration constraint
    – Allocation
  • Licenses
  • Costs
  • Adoption and Transition
    – Implementing practical expedients
    – Major differences between IFRS 15 and Topic 606
  • Presentation and Disclosures
  • TRG Issues
  • Industry Issues
    – Aerospace & defense
    – Airlines
    – Asset management
    – Engineering & construction contractors
    – Entertainment & media
    – Gaming
    – Health care
    – Hospitality
    – Software & hi-tech
    – Telecommunications
Bottom
Prerequisite: 

None.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Intermediate.

CPE Credit: 
8.00
NASBA Field of Study: 
Accounting