The effective date for ASC Topic 606, Revenue from Contracts with Customers, is here before you know it. Are you prepared? Designed for CPAs, accountants, auditors, CEOs, CFOs, controllers, financial statement preparers, this course provides a practical understanding of the FASB’s new revenue recognition guidance.

The course starts off with a brief overview of the new guidance, then goes into a deep dive into the details of the new Five-Step process. Additional guidance, best practices, presentation, and disclosures are also provided. In addition, the course discusses the recent Accounting Standard Updates (ASUs) to Topic 606 that provide additional guidance on such issues as collectibility and performance obligations.

The new revenue recognition standard could impact existing contract terms, tax planning strategies, budgets, debt covenant compliance, incentive compensation plans, etc. In other words, this new standard is much more than an accounting issue, it’s a business issue! As such, it is critical that all accounting and auditing practitioners, in both public accounting and business and industry, begin their review and preparation for implementing Topic 606 as soon as possible!

Learning Objectives: a) explain the FASB’s new revenue recognition standard, b) describe the new five-step model, c) discuss the new presentation and disclosure requirements and d) provide the transition requirements and practical application of initial adoption of the new standard.