Overview
ASC 606 is now just revenue recognition. Its time as a new standard has passed. Given the importance of revenue to all entities, investors, and capital markets, there will always be a need for a comprehensive review of the accounting related to revenue recognition, including recently issued changes to this guidance. Whether you are looking to improve your revenue recognition processes, benchmark your financial statement disclosures against your peer group, or assess the impact of changes to your revenue recognition processes due to geopolitical events, this course will provide you with the information you need to apply Topic 606 in this current environment.
This course will review the basic Topic 606 five-step model and provide specific implementation guidance and examples. It will cover the presentation and disclosure requirements for Topic 606, including the private company disclosure relief available under Topic 606, and provide disclosure examples. It will also cover the results of the final stage of the FASB’s Post-Implementation Review (PIR) process related to ASC 606. Lastly, the course will discuss best practices, lessons learned, and ways to improve the business process when recognizing revenue going forward.
Even though implementing Topic 606 is behind us, it is still possible to improve the processes that drive revenue recognition, and this course will assist you in doing that.
Major Topics:
- Topic 606, Revenue from Contracts with Customers, including recently issued ASUs impacting Topic 606
- The FASB’s five-step revenue recognition model, including hands-on examples and illustrations of the new guidance
- Presentation and disclosure requirements
- Accounting considerations related to geopolitical events and changes to revenue recognition processes
- Lessons learned and best practices for improving business processes related to revenue recognition going forward
- The results and findings of the final (stage 3) FASB PIR Report addressing ASC 606
Learning Objectives:
- Explain the FASB’s revenue recognition guidance found in Topic 606
- Describe the FASB’s five-step revenue recognition model
- Discuss the presentation and disclosure requirements in the standard
- Utilize hands-on examples and illustrations to increase your overall understanding and application of the material
- Recall best practices and areas for improvement in the recognition of revenue
- View feedback from the FASB’s PIR Report