Surgent's Guide to the Topic 606 Revenue Recognition Model for All CPAs - On-Demand Webcast

Overview

While the effective date of Topic 606 has passed for companies, there will always be a need for a comprehensive review of the accounting related to revenue recognition, including recently issued changes to this guidance. 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 review the basic Topic 606 five-step model and provide specific implementation guidance and examples. It will cover the presentation and disclosure requirements for Topic 606, including the private company disclosure relief available under Topic 606, and provide disclosure examples. Lastly, the course will discuss best practices, lessons learned, and ways to improve the business process when recognizing revenue going forward.

Even though implementing Topic 606 is behind us, it is still possible to improve the processes that drive revenue recognition and this course will assist you in doing that.

Highlights

Topic 606, Revenue from Contracts with Customers, including recently issued ASUs impacting Topic 606
The FASB’s new five-step revenue recognition model, including hands-on examples and illustrations of the new guidance
Presentation and disclosure requirements
Accounting considerations related to COVID-19-driven changes to revenue recognition processes
Lessons learned and best practices for improving business processes related to revenue recognition going forward

Prerequisites

Experience in accounting and auditing

Designed For

Accounting and auditing practitioners at all levels desiring to understand the FASB’s new revenue recognition guidance

Objectives

Explain the FASB’s new revenue recognition guidance found in 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
View feedback from public entity implementation of Topic 606
Recall best practices and areas for improvement in the recognition of revenue