Revenue Recognition: A Step-by-Step Expert’s Guide Webinar

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 hands-on 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
  • COVID-19 response
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 course 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)
  • The impact of COVID-19

Note: Participants are encouraged to bring examples to learn how the New Standard applies to their situation.

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Prerequisite: 

None.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Intermediate.

CPE Credit: 
8.00
NASBA Field of Study: 
Accounting