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

  • 06/23/2021
  • 9:00 AM - 1:00 PM
  • WEBINAR AICPA

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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. Supported by practical examples, this course addresses core principles that all CPAs need to know. 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

    Topics Discussed: 

    • Background, purpose and main provisions of new standard 
    • Transition guidance 
    • 5-step process for recognizing revenue 
    • Disclosure requirements 
    • Implementation guidance - contracts, tax matters, internal controls, IT

    Level: Intermediate

    Instructor: Renee Rampulla

    Developer: AICPA

    CPE Credits: 4

    Area of Study: Taxes

    Prerequisite:  Experience in the application of accounting standards

    Who Should Attend: Accountants in public practice, industry, and academia who need an update on the latest revenue recognition guidance


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