Overview
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 both provide the detailed review of the Topic 606 guidance, including identifying and discussing those areas of Topic 606 implementation which were the most challenging for many entities. We will 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. Then we’ll focus on lessons learned from companies' ongoing implementation of the new guidance, focusing 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 which arose with the adoption of Topic 606. Plus, the course will point out the accounting impact of changes that many companies made to their revenue recognition approaches as a result of COVID-19.
As public companies have already found out, the application of Topic 606 is an evolving exercise, with great opportunity to improve your original efforts by learning from the results of others. This course will provide the forum to do so.
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
- Accounting considerations related to COVID-19-driven changes to revenue recognition processes
Learning 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