FASB ASC 606: Revenue from Contracts with Customers
Enhance your knowledge of revenue recognition with the FASB ASC 606: Revenue from Contracts with Customers CPE event. This two-hour training program is crafted to deepen your understanding of one of the most scrutinized areas in financial reporting, equipping accounting professionals and auditors with the skills to comply with FASB ASC 606 and improve audit quality. Gain 2 Continuing Professional Education (CPE) credits while learning from real-world insights and expert guidance.
Why Attend?
Earn 2 NASBA-Approved CPE Credits
Fulfill your professional development requirements with a session aimed at refining your expertise in revenue recognition and accounting compliance.
Master Revenue Recognition Standards
Explore every aspect of FASB ASC 606, including the five-step revenue recognition process, performance obligations, and contract management, to ensure your practices align with GAAP and regulatory standards.
Insights from PCAOB Inspections
Leverage lessons learned from PCAOB reviews of revenue audit workpapers. Understand common shortcomings in revenue-related accounts and apply these insights to enhance audit performance and accuracy.
Interactive, Practical Guidance
Dive into case studies and industry-specific scenarios, gaining actionable strategies you can implement immediately to improve your organization’s revenue recognition processes.
What You’ll Learn
This event provides a comprehensive overview of FASB ASC 606, focusing on its principles and practical applications. You'll gain knowledge to address contract complexities and ensure compliance with financial reporting requirements.
Key Topics Covered Include:
- The Five-Step Revenue Recognition Model: Understand how to identify contracts, recognize performance obligations, determine transaction prices, and allocate and recognize revenues appropriately.
- Key Updates to GAAP Standards: Get clarity on why revenue recognition principles were updated and their implications on reporting practices.
- Industry Context and Application: Learn how FASB ASC 606 applies across different industries and business models, ensuring relevance to your specific professional needs.
- PCAOB Audit Findings: Review real-world enforcement cases to uncover common errors and improve your audit readiness.
This session also tackles common questions and clarifies technical guidance, providing attendees with a complete grasp of the standard.
Course Learning Objectives
By attending this CPE event, participants will be able to:
- Understand the Core Principles of ASC 606: Learn how to align revenue recognition policies with GAAP standards.
- Improve Financial Reporting Practices: Discover techniques for applying revenue recognition principles to ensure accurate and reliable financial reporting.
- Apply Insights from PCAOB Inspections: Identify common issues in revenue-related reviews and implement best practices to address them effectively.
Program Details
This live, group internet-based course delivers a rich learning experience for accounting professionals seeking to boost their expertise.
- Format: Online, interactive session.
- Schedule: Mondays, 1 p.m.–3 p.m. (Central Time). Sessions offered every eight weeks.
- Cost: $140 per participant.
- Group Discounts: Custom sessions available for teams of 2 or more attendees.
Who Should Attend?
This course is ideal for:
- Accounting Professionals and Auditors: Improve engagement planning, audit quality, and workpaper management focused on revenue recognition.
- Revenue Recognition Specialists: Stay updated on key standards to refine revenue processes and compliance strategies.
- Financial Reporting Teams: Strengthen practices that address FASB ASC 606 and align with regulatory expectations.
The Importance of Mastering Revenue Recognition
Revenue recognition is a key area in financial reporting, often drawing intense scrutiny from regulators and reviewers. By mastering FASB ASC 606, you'll gain the confidence to tackle complex engagements, ensure compliance, and contribute effectively to your organization’s financial integrity.
Register Today
Elevate your accounting skills and build expertise in revenue recognition. Register for the FASB ASC 606 CPE Event and earn your CPE credits while equipping yourself with actionable knowledge to excel in this critical area of financial reporting.
Sign up now to secure your spot and join professionals nationwide who are advancing their skills and careers with this essential training!
Details on Event Presentation
Offered every eight weeks on Mondays at 1:00 p.m. to 3:00 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: AccountingCPE 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.