Surgent's Guide to the Topic 606 Revenue Recognition Model for All CPAs (REV4)
Wednesday, April 14, 2021
While the effective date of Topic 606 is behind us, there will always be a need for a comprehensive review of the accounting related to revenue recognition. Plus, though year one of reporting under Topic 606 is complete, there is plenty of opportunity to improve your revenue recognition processes, benchmark against your peer group and refine your application of Topic 606, particularly in the area of financial statement disclosures.
This course will review the basis Topic 606 5 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. Lastly, the course will discuss best practices, lessons learned and ways to improve the recognition of revenue going forward.
Even though Topic 606 is 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
- Lessons learned and best practices for improving business processes related to revenue recognition going forward