Implementing Topic 606 - Tackling the Tough Issues in Adopting the New Revenue Recognition Standard
201 | Course | Intermediate | Scheduled
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, 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 the wind stays at your back.
|Number of Credits||Type of Credits|
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
Experience in financial accounting and reporting
- ASC Topic 606, Revenue from Contracts with Customers
- The 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
- Apply the FASB's new revenue recognition guidance found in ASC Topic 606
- Describe the 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
- Member (Early Bird)
- Non-Member (Early Bird)
Robert W. Wells, CPA, CFE
Robert "Wayne" Wells graduated from Austin Peay State University in Clarksville, Tenn. in 1970 with a B.S. degree in accounting and economics.
Wells began his career in public accounting in 1970 with the national firm of what was then Touche, Ross & Co. in Nashville.
In 1974, he joined a local firm in Nashville. This firm provided accounting, auditing, fraud investigations and tax services to small and medium-sized businesses as well as extensive tax services to individuals. After a total of over 45 years experience, today he is a principal with Blankenship CPA Group, PLLC in Brentwood, Tenn.
Wells annually instructs numerous continuing education seminars and in-firm training classes all over the U.S. for the major continuing eduction providers in the areas of accounting, auditing, fraud and taxation. Wells is a recipient of the 2013 Outstanding Discussion Leader Award presented by TSCPA and the 2014 Outstanding Discussion Leader Award presented by the AICPA.
Wells holds a CPA in Tennessee and is also a Certified Fraud Examiner. He is a member of TSCPA, AICPA and the Association of Certified Fraud Examiners.Back to Instructors