CPAs in public practice and members in industry
After attending this presentation you will be able to...
- Identify the basic requirements of ASC 606 such as the scope, effective dates, and the 5 Step model
- Determine how to account for risk areas including assessing collectability, accounting for contract modification, changes in transaction prices versus price concessions, variable consideration, sales returns, financing component, contract costs and impairment and onerous contacts
- Identify additional disclosures required based on COVID-19 considerations.
The major topics that will be covered in this class include:
- Implementation of the 5 step model outlined in ASC 606 as well as the latest FASB activity
- Revenue recognition issues related to the impact of collectability, variable consideration such as refunds, rebates, and contract modifications, significant financing, and onerous contracts.
- The impact of COVID-19 disruption on each step of the 5-step process
- Sample financial statement presentation and disclosures
Knowledge of ASC 606, ASC 605, ASC 340 and auditing is helpful