New Revenue Recognition Standard
Author: Scott A. Taub, CPA
| CPE Credit: |
1 hour for CPAs |
Understand ASC Topic 606: Revenue from Contracts with Customers
Join Scott Taub, a member of the FASB/IASB Transition Resource Group for Revenue Recognition and author of the CCH Revenue Recognition Guide, for this one-hour CPE course providing an overview of the new revenue recognition standard. The presentation, intended for private companies that will be adopting the standard in 2018 or 2019, will explain the principles that underlie the new model for revenue recognition, and highlight those areas that represent the most significant changes between current guidance and the new requirements. Mr. Taub will also identify the areas that have proven to be the most difficult or judgmental in implementing the new requirements, based on his experience on the TRG and working with companies over the past three years.
Publication Date: March 2018
Designed For
Those responsible for revenue accounting at companies that will be adopting the new requirements of ASC Topic 606 in 2018 or 2019.
Topics Covered
- ASC Topic 606, Revenue from Contracts with Customers
- Overview of Revenue Recognition
- Five Steps to Revenue Recognition Model
- Warranties
- Contract Costs
- Rights of Return
- Breakage
- Customer Options
- Gross vs. Net
- Disclosures
- Transition Considerations
- Available Resources
Learning Objectives
- Recognize the principles of ASC Topic 606, Revenue from Contracts with Customers
- Identify and address key issues in implementing the provisions of ASC Topic 606
- Identify the five steps in the new revenue recognition model
- Recognize when entities are required to disclose information about methods, inputs, and assumptions
- Idenitfy a required disclosure for private companies with respect to revenue recognition
- Identify a transition consideration as it relates to business practices
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Accounting (1 hour)
Program Prerequisites
Basic understanding of revenue recognition concepts
Advance Preparation
None
