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Overview

8.0 Credits
ONLINE

Discuss a detailed review of the Topic 606 guidance, including identifying and discussing those areas of Topic 606 implementation, which was the most challenging for many entities. Review the Topic 606 Five-Step revenue recognition model, highlighting areas of nuance and significant judgment and focus on disclosure requirements under the new standard. Focus on lessons learned for the year one implementation of the new guidance, concentrating on ways to continue to enhance the recording of revenue, the relevancy of the financial statement disclosures related to revenue and addressing common operational issues that arose with the adoption of Topic 606.

Objectives

  • Apply the FASB’s new revenue recognition guidance found in ASC 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
  • Comprehend industry and issue specific guidance related to revenue recognition
  • Identify operational implementation issues related to adopting the new standard
  • Recall best practices and feedback to enhance the subsequent reporting of revenue

Major Topics

  • ASC Topic 606, Revenue from Contracts with Customers
  • The FASB’s new five-step revenue recognition model, including hands-on examples and illustrations of the new guidance
  • Presentation and disclosure requirements and examples
  • Industry specific implementation issues and guidance
  • Best practices, lessons learned and opportunities to improve on the reporting of revenue under Topic 606 going forward
  • Other operational issues related to implementation

Prerequisite

Experience in financial accounting and reporting

Advanced Preparation

None

Sessions

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Tuesday, September 22, 2020

General Sessions