FASB's New Revenue Recognition Standard ASC 606
Saturday, December 8, 2018
The new FASB 606 on revenue recognition supersedes nearly all current revenue recognition provisions, including industry-specific guidelines, and replaces it with a more principles-based approach, which is now a five-step process. The new standard is effective for public companies in January, 2018 and private companies in 2019. Now is the time to dig in and start getting up to speed on these critically important issues.
This event may be a rebroadcast of a live event, with the instructor available to answer your questions either during or after the event.
- Apply the new financial accounting concepts in the revenue recognition setting.
- Gain a working knowledge of accounting rules as they related to revenue recognition.
- Discuss planning and potential pitfalls.
- 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.