Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know
4.00 Credits
Member Price $145
Non-Member Price $195
Overview
This course is offered in collaboration with multiple state societies and is hosted by the Indiana Society of CPAs.
The effective date of FASB ASC 606, Revenue from Contracts with Customers, is here! Do you know which contracts are within the scope of the standard and when revenue should be recognized at a point in time of over time? This course answers those questions by providing a basic understanding of the five-step process for recognizing revenue under FASB ASC 606. Supported by practical examples, this course addresses core principles that all CPAs need to know. Updates to this course include the latest guidance from FASB, industry-specific examples taken from the AICPA Audit and Accounting Guide, Revenue Recognition, as well as disclosure illustrations.
Highlights
• 5-step process for recognizing revenue
Prerequisites
None
Designed For
Accountants in public practice, industry, and academia who need an update on the latest revenue recognition guidance
Objectives
This course is intended to familiarize the learner with the core principles of revenue recognition from contracts with customers. When you complete this course, you will be able to: • Recognize principles of FASB ASC 606. • Recognize requirements for identifying a contract under FASB ASC 606. • Recognize performance obligations under FASB ASC 606. • Recognize requirements for determining a transaction price under FASB ASC 606. • Recognize requirements for allocating a transaction price under FASB ASC 606.
Preparation
None
Leader(s):
Leader Bios
Martin Birr, AICPA
Martin J. Birr, CPA, CMA, CIA, MBA is Trustee Lecturer in Accounting in the Kelley School of Business at Indiana University Indianapolis. He received his MBA in Corporate Finance and Entrepreneurial Studies from Indiana University and BS in Accounting from Manchester College. Mr. Birr has taught various financial and cost accounting classes. He is a member of and frequent speaker for the Indiana CPA Society and the American Institute of Certified Public Accountants. Martin is a past member and chairman of the Indiana CPA Society’s Ethics Committee. He presents various accounting, ethics, and management seminars throughout the year and maintains an active consulting practice.
Non-Member Price $195
Member Price $145