Explore how to recognize revenue in step five of the new revenue recognition standard.
No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the other courses in the series prior to completing this one.
The Financial Accounting Standards Board (FASB) amended the rules for revenue recognition in the Accounting Standards Codification (ASC) to add ASC 606: Revenue from Contracts with Customers.
This CPE webinar for CPAs is recommended for CMAs, CIAs, ABVs, CVAs, Accounting and Finance Directors, and Other Accounting and Auditing Professionals desiring to learn everything about the new revenue recognition rules.
In developing ASC 606, FASB and IASB wanted to provide a framework to drive consistency in financial reporting, improve comparative analysis and reporting, and simplify the preparation of financial statements through a 5 Step Model for Revenue Recognition.
The rule, “Revenue from Contracts with Customers” standardizes and simplifies how companies record revenue in customer contracts. Effective for fiscal years beginning after Dec. 15, 2017, it covers how businesses report the nature, amount, and timing regarding contracts with customers.
Know the scope of work required so you can assemble the right plan, team, and budget. Several factors will impact your resource allocation and cost calculations:
Gain deep knowledge about the new major standard FASB ASC 606, Revenue from Contracts with Customers.
In addition, learn about special considerations such as warranties, licensing, acting as a principal versus an agent, incremental costs of obtaining a contract with a customer, and the extensive disclosure requirements along with a useful summary table.
Accountants in public practice, industry, and academia who need an update on the latest revenue recognition guidance