Revenue Recognition for Long-Term Construction and Similar Contracts: Topic 606 Implementation Challenges (LTC4)
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Overview:Change is definitely coming. For those entities who currently recognize revenue under the guidance of Statement of Position 81-1, Accounting for Performance of Construction-Type and Certain Production-Type Contracts (SOP 81-1), understanding the basics of Topic 606 is not enough. You need to be able to apply Topic 606 to your types of contracts and determine what changes, if any, will occur in how you recognize revenue under the new standard. In this course, we'll explore Topic 606 from the perspective of entities that currently recognize revenue under SOP 81-1, focusing on those areas most likely to be impacted under the new guidance. Applying Topic 606 to your long-term contracts will definitely change your revenue recognition approach. This course will help you determine how big that change will be.
- Identify the five steps of Topic 606’s new revenue recognition model
- Determine the criteria that supports recognizing revenue over time under Topic 606
- Apply Topic 606’s guidance in other areas of interest to entities currently using SOP 81-1
- Recall best practices and lessons learned from others implementing Topic 606
- Topic 606’s five-step revenue recognition model
- Determining whether to recognize revenue over time or at a point in time under Topic 606
- Other unique considerations in applying the five-step model for entities currently using SOP 81-1
- Lessons learned and best practices from entities already adopting Topic 606