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Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know (SVP3)

  • 06/08/2021
  • 12:30 PM - 4:00 PM
  • Ramkota Hotel & Conference Center - Bismarck (701) 258-7700


The effective date of FASB ASC 606, Revenue from Contracts with Customers, is upon us! 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. Recent 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.

Learning Objectives:

  • 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.

Major Topics:

  •  5-step process for recognizing revenue
Designed For: Accountants in public practice, industry, and academia who need an update on the latest revenue recognition guidance

Level: Intermediate

Instructor: Renee Rampulla

Developer: AICPA

Area of Study: 4 Accounting   

Prerequisite: Experience in the application of accounting standards

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