Overview
While the effective date for ASC 606 is past for most entities, the challenges of applying the new revenue recognition guidance will undoubtedly continue for a while. In this course, we’ll review both issued and proposed ASUs related to ASC 606 and review the disclosure requirements for non-public business entities under ASC 606. Next, as many entities made changes to their policies and approaches to revenue recognition as a result of COVID-19, we’ll review some of the common accounting challenges that companies face as a result of these changes. Lastly, we’ll explore ways that many companies have improved their revenue recognition process as a result of ASC 606 adoption.
Major Topics:
- New and proposed FASB ASUs related to ASC 606
- ASC 606 disclosure requirements and examples for non-public business entities
- Impact of applying ASC 606 due to COVID-19
Learning Objectives
- Recall recent FASB updates related to ASC 606
- Recall the disclosure requirements for non-public business entities related to ASC 606
- Identify potential changes in the application of ASC 606 related to COVID-19
Designed for:
Accounting and auditing practitioners at all levels desiring to remain up to date on recent pronouncements and other standard setters’ activities
Prerequisite:
Experience in accounting and attestation
Advanced Preparation:
None