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Implementing Topic 606: Tackling the Tough Issues in Adopting the New Revenue Recognition Standard (NRRS) (SUNRRS03)

 
Date:Wednesday, September 4, 2019
Time:9:00 AM - 5:00 PM
(Registration at 8:30 AM)
Facility:Webcast or Webinar, Online
CPE Credit:8.0 Accounting and Auditing
Instructor: Richard Daisley
Vendor:Surgent McCoy
Course Level:Intermediate
Early Bird Price:$239.00 FICPA Members, $359.00 Non-Members

Description:
Whether you are ready or not, the effective date of the new revenue recognition standard is right around the corner. The time to execute your implementation plan is now. Are you ready? In this course, in addition to reviewing the five-step revenue recognition model and the recent Updates that impact the standard, we will explore some industry specific topics that have been challenging for entities adopting the new standard. Topics covered include identifying performance obligations, licenses, customer loyalty programs, other "material right" options, plus other transition issues such as the impact on income taxes and financial systems. As you sprint toward implementation, this course will help make sure that the wind stays at your back.

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


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
  • Recent ASUs that provide implementation guidance for the standard
  • Industry specific implementation issues and guidance
  • Identifying performance obligations
  • Accounting for licenses
  • Identifying a "material right" in an option
  • Other operational issues related to implementation
  • Feedback from public entity implementation of Topic 606



Who Should Attend:
Practicing CPAs and their staffs, both in public accounting and business and industry -- controllers, accountants, and other financial accounting personnel involved in financial statement preparation and review

Prerequisite:
Experience in financial accounting and reporting

Advanced Preparation:
None

Session/Options

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Registration Status: CLOSED - Online registration for this course is now closed. Please contact the Member Service Center at (800) 342-3197 if you wish to inquire about registering.