The effective date for private companies for ASC Topic 606 is January 1, 2019 and ASC Topic 842 is January 1, 2020!  Question: Are you prepared? Designed for CPAs, accountants, auditors, CEOs, CFOs, controllers, financial statement preparers, this course provides a practical overview of the understanding of the FASB’s new revenue recognition and leasing guidance. The course provides a brief overview as well as additional guidance, best practices, presentation, and disclosures.  The new revenue recognition and leasing standards could impact existing contract terms, tax planning strategies, budgets, debt covenant compliance, incentive compensation plans, etc.  In other words, these new standards are much more than an accounting issue, they’re 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 Topics 606 and 842 as soon as possible!

Learning Objectives:

• Identify the FASB’s new revenue recognition and leasing standards


• Describe the new five-step model and new accounting and reporting requirements of leases


• Discuss the new presentation and disclosure requirements


• Recognize the transition requirements and practical application of initial adoption of the new standards

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