Implementing Topic 606 - Tackling the Tough Issues in Adopting the New Revenue Recognition Standard

179  |  Course  |  Intermediate  |  Scheduled

Description

Whether you are ready or not, the effective date of the new revenue recognition standard is right around the corner. The time to execute your implementation plan is now. Are you ready? In this course, in addition to reviewing the five-step revenue recognition model and the recent updates that impact the standard, we will explore some industry-specific topics that have been challenging for entities adopting the new standard. Topics covered include identifying performance obligations, licenses, customer loyalty programs and other "material right" options, plus other transition issues such as the impact on income taxes and financial systems. As you sprint toward implementation, this course will help make sure that the wind stays at your back.

Credits

Number of Credits Type of Credits
8.00 Accounting

Designed For

Practicing CPAs and their staffs, both in public accounting and business and industry - controllers, accountants and other financial accounting personnel involved in financial statement preparation and review

Prerequisites

Experience in financial accounting and reporting

Highlights

  • ASC Topic 606, Revenue from Contracts with Customers
  • FASB's new five-step revenue recognition model, including hands-on examples and illustrations of the new guidance
  • Presentation and disclosure requirements
  • Recent ASUs that provide implementation guidance for the standard
  • Industry-specific implementation issues and guidance
  • Identifying performance obligations
  • Accounting for licenses
  • Identifying a "material right" in an option
  • Other operational issues related to implementation
  • Feedback from public entity implementation of Topic 606

Objectives

  • Apply FASB's new revenue recognition guidance found in ASC Topic 606
  • Describe FASB's new five-step revenue recognition model
  • Discuss the presentation and disclosure requirements in the new standard
  • Utilize hands-on examples and illustrations to increase your overall understanding and application of the material
  • Comprehend industry and issue-specific guidance related to revenue recognition
  • Identify operational implementation issues related to adopting the new standard

Prices

Member (Early Bird)
$295.00
Non-Member (Early Bird)
$395.00
Member
$345.00
Non-Member
$445.00
Registration for this event has closed. If you have any question or concerns please give us a call at 615-377-3825 or send us an e-mail at registrar@tscpa.com

Instructors

James K. Myers, CPA, CGMA

Jim Myers is a CPA with over 40 years' experience working in CPA firms (Big 8 to small firms), as a CPA firm partner for 15 years, CPA firm chief administrative officer, as a corporate controller, senior vice president and Accounting Department Director for a bank, financial director for a non-profit organization, and bank internal auditor.

Myers is a member of the AICPA, the Tennessee Society of CPAs (TSCPA) and several other local and regional organizations. He has served as Vice-Chairman, Secretary, Treasurer, and at-large director of TSCPA, a member of TSCPA Council and as Chairman of the Professional Ethics and the Technology committees. He has been a speaker for continuing education courses for the AICPA, the TSCPA, in-house CPE presentations, the Georgia Society of CPAs, the North Carolina Association of CPAs, the Alabama Society of CPAs, the Colorado Society of CPAs, and the Tennessee Association of Public Accountants. He co-authored the TSCPA ethics training course for Tennessee CPAs.

Myers is a graduate of Carson-Newman College (served on the Alumni Board and on the Business Department Advisory Board) and is the Chairman of Teen Center of Knoxville, Inc.

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