Revenue Recognition: A Step-by-Step Expert’s Guide Webinar
Overview
ASC 606, the current Revenue Recognition Standard, has dramatically changed the way you, your company, and your clients recognize revenue by replacing existing US GAAP with a new core principle and a 5-Step Process. In this updated webinar, you’ll gain an in-depth understanding of the revenue recognition standard and learn how to:
- Understand the scope of ASC 606
- Apply the 5 steps in ASC 606 to analyze revenue contracts
- Make necessary changes to your accounting, sales and contracting processes and internal controls
Objective
To help accountants and other financial professionals understand the latest accounting rules for Revenue Recognition. You’ll gain the confidence to comply with the core principles and 5-Step Process for recognizing revenue required by ASC 606. The course will also highlight differences with previous GAAP. Real-world examples and case studies will guide participants to practical solutions for their specific circumstances.
Emphasis
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Revenue from Contracts with Customers
– Problem areas
– Fraud detection and prevention
– Recognizing revenue - Scope of the Revenue Standard
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The 5-Step Revenue Model
– Contract modifications
– Applying series guidance
– Performance obligations
– Variable consideration constraint
– Allocation - Licenses
- Costs
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Adoption and Transition
– Implementing practical expedients
– Major differences between IFRS 15 and Topic 606 - Presentation and Disclosures
- TRG Issues
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Industry Issues
– Aerospace & defense
– Airlines
– Asset management
– Engineering & construction contractors
– Entertainment & media
– Gaming
– Health care
– Hospitality
– Software & hi-tech
– Telecommunications
This course is included in the following passes:
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