Topic 606 has an impact on most U.S. GAAP financial statements either due to measurement and recognition changes from legacy U.S. GAAP and/or additional disclosure requirements compared to prior guidance. This four-hour morning program will overview the key provisions of the topic, identify and apply the new five-step revenue recognition model, describe the new disclosure requirements, as well as discuss transition and business implications of the new guidance. In addition, selected industry implementation guidance developed by the AICPA will be discussed.
CEU Credit: 4.0
Prerequisites: Basic knowledge of U.S. GAAP
Participants will be able to:
- Recognize how the new revenue guidance differs from legacy revenue guidance
- Identify and describe the five steps involved in applying the revenue recognition model
- Identify and describe selected industry implementation guidance developed by the AICPA
- Identify the increased disclosures required in the ASU for both public and non-public entities
- Identify the transition requirements to be applied upon the effective date of ASU 2014-09, as amended
- Objectives and scope
- Five-step revenue recognition model
- Selected industry implementation guidance
- Presentation and disclosure
- Transition guidance and business implications
Who Will Benefit
- All accounting and financial professionals in industry and public practice.