Webinar

FASB's New Revenue Recognition Standard ASC 606

The new FASB 606 on revenue recognition supersedes nearly all current revenue recognition provisions, including industry-specific guidance and replaces it with a more principles-based approach, which is not a five step process. This is mark-ably different than the all-events test used for tax purposes. The new standard is effective January 1, 2018 for public companies and January 1, 2019 for private companies - That's right around the corner! Now is the time to dig in and start getting up to speed on these critically important issues.

Objectives

* Apply the new financial accounting concepts in the revenue recognition setting

* Gain a working knowledge of accounting rules as they relate to revenue recognition

* Discuss planning and potential pitfalls.

Highlights

* Identify the contract(s) with a customer

* Identify the performance obligations in the contract

* Determine the transaction price

* Allocate the transaction price to the performance obligations

* Recognize revenue as the business satisfies a performance obligation

Additional Information

Designed For

Practitioners and members in industry seeking to gain a better understanding of the new revenue recognition standard and transition rules.

Vendor

ACPEN

Advanced Preparation

None

Prerequisite

None

Field of Study

Accounting

Course Number

171622093

Level of Knowledge

Intermediate

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