Accounting for Revenue under ASC 606 and Final PIR Report Findings

Overview

Revenue under FASB ASC 606 is one of the most important financial statement line items companies present to stakeholders. It is also one of the most complex standards under US GAAP Because of those two factors, there will always be a need for a comprehensive review of the accounting related to revenue recognition, including recently issued changes to this guidance, best practices, and ongoing case studies. Whether you are looking to improve your revenue recognition processes, better understand the accounting standards that guide recognition, or benchmark your financial statement disclosures against your peer group, this course will provide you with the information you need to apply Topic 606 at your firm and assess revenue recognition at your client. This course will review the basic Topic 606 five-step model and provide helpful case studies 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. Lastly, as the standard is fully implemented and the FASB’s Post-Implementation Review (PIR) Process has been completed, we will review the final Stage 3 report issued by the FASB and address its main findings and recommendations.

Highlights

• Topic 606, Revenue from Contracts with Customers, including recently issued ASUs impacting Topic 606 • The FASB’s five-step revenue recognition model, including hands-on examples and illustrations of the guidance • Presentation and disclosure requirements • Lessons learned and best practices for improving business processes related to revenue recognition going forward • Results of the FASB’s Stage 3 Post-Implementation Review (PIR) report

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 revenue recognition guidance found in Topic 606 • Describe the FASB’s five-step revenue recognition model • Understand the results of the FASB’s final PIR report • Discuss the presentation and disclosure requirements in the 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