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Topic 606: Tackling the Year Two Post-Implementation Issues (TYR4)

  • Format Self-Study Download
  • Credits 4.00
  • Level Intermediate
  • Field of Study Accounting (Technical) (4)

Overview

While the effective date of Topic 606 is behind us for most non-public entities, issues related to the application of the new revenue recognition guidance remain. Whether resulting from SEC comment letters, FASB issuance of further updates to SAS 606, peer group analysis or from continued internal feedback, many entities are continuing to fine-tune their application of the new guidance beyond the year of implementation. In this course, we’ll review common feedback that public companies have received concerning their application of Topic 606 from the SEC, some of which has resulted in changes in their recording of revenue under Topic 606. Similarly, whether it is due to regulatory scrutiny or their own analysis, many companies continue to tweak their financial statement disclosures related to Topic 606. Lastly, in complying with the new guidance, other companies identified changes to their current business processes, including contract terminology, that they have either implemented or are in the process of implementing, which will aid them in applying the new revenue guidance. In sum, though the new standard is now “live” there is still a lot of work to be done in order for companies to get to a steady state of operations under Topic 606. This course will provide insights on these continuing efforts so you can be prepared to put Topic 606 compliance behind you once and for all.



Major Topics:

  • Common sources of SEC comments related to public adoption of Topic 606
  • Disclosure examples for both public and private companies
  • Common errors in the application of the Topic 606 guidance
  • Operational issues and changes identified in the Topic 606 implementation process and how best to address these

Learning Objectives:

  • Recall common implementation challenges in the adoption of Topic 606
  • Identify common sources of SEC comments and their resolution related to Topic 606 implementation
  • Identify best practices to improve the effective and efficient recording of revenue prospectively
  • Identify opportunities to change business operation in order to achieve desired outcomes under Topic 606

Who should take this course:

Accounting and auditing practitioners at all levels desiring to understand the FASB’s new revenue recognition guidance

Experience in accounting and auditing

None

No

No

No

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