While the effective date of Topic 606 has passed for companies, 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 COVID-19, this course will provide you with the information you need to apply Topic 606 in this current environment.
DESIGNED FOR
Accounting and auditing practitioners at all levels desiring to understand the FASB’s new revenue recognition guidance
BENEFITS
- Explain the FASB’s new revenue recognition guidance found in 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
- View feedback from public entity implementation of Topic 606
- Recall best practices and areas for improvement in the recognition of revenue
HIGHLIGHTS
- Topic 606, Revenue from Contracts with Customers, including recently issued ASUs impacting Topic 606
- The FASB’s new five-step revenue recognition model, including hands-on examples and illustrations of the new guidance
- Presentation and disclosure requirements
- Accounting considerations related to COVID-19-driven changes to revenue recognition processes
- Lessons learned and best practices for improving business processes related to revenue recognition going forward
COURSE LEVEL
Intermediate
PREREQUISITES
Experience in accounting and auditing
ADVANCE PREPARATION
None