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Race Toward Implementation: Tackling the Tough Issues in Adopting the New Revenue Recognition Standard (NRRS)

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Credits: 8

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$125

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Credits: 8

Qualifies For:

$140

On-Demand Webcast

Credits: 8

Qualifies For: CPE

$155
Real-life examples to illustrate the application of the new standard.
Cindy C.

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Race Toward Implementation: Tackling the Tough Issues in Adopting the New Revenue Recognition Standard (NRRS)

  • Customer Rating
    (6)
  • Field of Study
    Accounting
  • Level
    Intermediate
  • Credits
    8
  • Qualifies for

    CPE

Overview

Whether you are ready or not, the effective date of the new revenue recognition standard is right around the corner. The time to execute your implementation plan is now. Are you ready? In this course, in addition to reviewing the five-step revenue recognition model and the recent Updates that impact the standard, we will explore some industry specific topics that have been challenging for entities adopting the new standard. Topics covered include identifying performance obligations, licenses, customer loyalty programs, other "material right" options, plus other transition issues such as the impact on income taxes and financial systems. As you sprint toward implementation, this course will help make sure that the wind stays at your back.

Major Topics:

  • ASC Topic 606, Revenue from Contracts with Customers
  • The FASB's new five-step revenue recognition model, including hands-on examples and illustrations of the new guidance
  • Presentation and disclosure requirements
  • Recent ASUs that provide implementation guidance for the standard
  • Industry specific implementation issues and guidance
  • Identifying performance obligations
  • Accounting for licenses
  • Identifying a ‘material right’ in an option
  • Other operational issues related to implementation

Learning Objectives

  • Apply the FASB’s new revenue recognition guidance found in ASC 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
  • Comprehend industry and issue specific guidance related to revenue recognition
  • Identify operational implementation issues related to adopting the new standard

Designed for:

Practicing CPAs and their staffs, both in public accounting and business and industry -- controllers, accountants, and other financial accounting personnel involved in financial statement preparation and review

Prerequisite:

Experience in financial accounting and reporting

Advanced Preparation:

None

Interested in bringing this course into your firm?

PRIVATE WEBINARS AND LIVE ON-SITE COURSES ARE AVAILABLE. LEARN MORE.
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