Guide to the Topic 606 Revenue Recognition Model for All CPAs
Wednesday, April 14, 2021
While the effective date of Topic 606 has passed for most entities, there will always be a need for a comprehensive review of the accounting related to revenue recognition. Also, if you are taking advantage of the FASB deferral of Topic 606's effective date, you are still completing your implementation plan. Whether you are looking to improve your revenue recognition processes, benchmark your financial statement disclosures against your peer group, or assess the impact of changes to your revenue recognition processes due to COVID-19, this course will provide you with the information you need to apply Topic 606 in this current environment.
This course will review the basis Topic 606 five-step model and provide specific implementation guidance and examples. It will cover the presentation and disclosure requirements for Topic 606, including the private company disclosure relief available under Topic 606, and provide disclosure examples as well. It will also discuss the impact on revenue recognition due to changing customer arrangements that many companies made as a result of COVID-19. Lastly, the course will discuss best practices, lessons learned and ways to improve the recognition of revenue going forward.
Even though Topic 606 is, for the most part, behind us, it is still possible to improve the processes that drive revenue recognition.
- Explain the FASB’s new revenue recognition guidance found in Topic 606
- Describe the FASB’s new five-step revenue recognition model
- Discuss the presentation and disclosure requirements in the new standard
- Utilize hands-on examples and illustrations to increase your overall understanding and application of the material
- View feedback from public entity implementation of Topic 606
- Recall best practices and areas for improvement in the recognition of revenue
- Topic 606, Revenue from Contracts with Customers, including recently issued ASUs impacting Topic 606
- The FASB’s new five-step revenue recognition model, including hands-on examples and illustrations of the new guidance
- Presentation and disclosure requirements
- Accounting considerations related to COVID-19-driven changes to revenue recognition processes
- Lessons learned and best practices for improving business processes related to revenue recognition going forward