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FASB ASC 606: Revenue from Contracts with Customers

FASB ASC 606: Revenue from Contracts with Customers

Mastering Revenue Recognition: FASB ASC 606 and PCAOB Inspection Insights


In the realm of accounting, revenue and revenue-related accounts attract significant attention from PCAOB inspectors, who spend over half of their review time on these critical areas of an auditor's workpapers. To equip accounting professionals with the necessary knowledge and insights, we present an exclusive CPE event that sheds light on CCS's observations derived from PCAOB inspections of revenue audit workpapers. Additionally, this event delves into the accounting standards applicable to financial statement issuers.


At the heart of this comprehensive training is the core principle outlined in FASB ASC Topic 606: Entities should recognize revenue in a manner that accurately portrays the transfer of promised goods or services to customers, reflecting the consideration expected in exchange for those goods or services.


This timely two-hour CPE training event is specifically designed for accounting staff members seeking to review their accounting policies and procedures related to revenue recognition. It also caters to auditors involved in engagement planning, staff training objectives, audit quality, and workpaper management pertaining to revenue recognition.


Join us to gain a deeper understanding of FASB ASC 606 and enhance your expertise in the intricate field of revenue recognition. Our expert instructors will provide invaluable insights derived from PCAOB inspections, offering practical guidance to optimize your accounting practices. This event serves as a unique opportunity to refine your knowledge, improve audit performance, and strengthen workpaper management processes associated with revenue recognition.


Participation in this event is vital for accounting professionals committed to staying abreast of evolving industry standards and enhancing their contributions to their organizations. The investment for this two-hour CPE training event is both affordable and highly rewarding. Attendees will receive a certificate of completion, validating their dedication to maintaining the highest standards of revenue recognition.


Don't miss this exclusive opportunity to deepen your understanding of FASB ASC 606, gain insights from PCAOB inspections, and elevate your accounting practices in the realm of revenue recognition. Enroll now and embark on a journey toward mastery in this critical area of financial reporting.

  • Details on Event Presentation

    Offered every six weeks on Mondays at 10:00 a.m. to 12:00 p.m. Central Time in two CPE-Credit event.

    We can schedule private events on your timetable for two or more attendees.

  • CPE Event Highlights

    The Convergence with IFRS Continues

    The Five-Step Revenue Recognition Process

    Which? What? When? How Much?


  • Learning Objectives

    The Goal: Refresh Knowledge of ASC Topic 606:
    •Review why the GAAP standard was updated.
    Understanding the five-step revenue recognition process.
    Understand the context of the standard in your industry.
  • Key Issues on the Agenda

    Section 1- Introduction to FASB ASC 606

    Section 2 - Applicability

    Section 3 - Summary of Technical Guidance

    Section 4 - Interpretation

    Section 5 - Common Questions and Summary

  • NASBA Program Disclosures

    Program Level of Understanding: Basic
    Prerequisites: None
    Advance Preparation: None
    Delivery Format: Group Internet Based
    NASBA Field(s) of Study: Accounting

    CPE Credits: 2, based on 50 minutes of instruction per hour

  • Summary of the Subject Matter

    This CPE event on FASB ASC 606: Revenue from Contracts with Customers provides crucial insights into the accounting standard's principles and implementation, aiming to enhance understanding and compliance among accounting professionals. The event delves into various aspects, including revenue recognition, contract modifications, performance obligations, and the application of the five-step model. Attendees gain valuable knowledge on how to interpret and apply the guidelines effectively within their organizations, ensuring accurate financial reporting and alignment with regulatory requirements.

    This comprehensive event equips attendees with practical guidance and in-depth understanding of FASB ASC 606, empowering them to navigate the complexities of revenue recognition and contract management with confidence and precision. It addresses the nuances of revenue recognition across different industries, offering a holistic view of the standard's implications for diverse contractual arrangements and business scenarios. Ultimately, the event aims to foster a deep comprehension of the standard's intricacies and its impact on financial reporting, paving the way for informed decision-making and enhanced compliance in the realm of revenue recognition.

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