Surgent's Life After Adoption: Applying Topic 606 to Revenue Contracts on an Ongoing Basis (NRRS)

Description

While the effective date of Topic 606 is behind us, there will always be a need for a comprehensive review of the accounting related to revenue recognition. Plus, though year one of reporting under Topic 606 is complete, there is plenty of opportunity to improve your revenue recognition processes, benchmark against your peer group and refine your application of Topic 606, particularly in the area of financial statement disclosures.

This course will both provide the detailed review of the Topic 606 guidance, including identifying and discussing those areas of Topic 606 implementation which were the most challenging for many entities. We will review the Topic 606 Five Step revenue recognition model, highlighting areas of nuance and significant judgment and focus on disclosure requirements under the new standard. Then we'll focus on lessons learned for the year one implementation of the new guidance, focusing on ways to continue to enhance the recording of revenue, the relevancy of the financial statement disclosures related to revenue and addressing common operational issues which arose with the adoption of Topic 606.

As public companies have already found out, the application of Topic 606 is an evolving exercise, with great opportunity to improve your Year One efforts by learning from the results of others. This course will provide the forum to do so.

Highlights

• 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 and examples
• Industry specific implementation issues and guidance
• Best practices, lessons learned and opportunities to improve on the reporting of revenue under Topic 606 going forward
• Other operational issues related to implementation

Objectives

• 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
• Recall best practices and feedback to enhance the subsequent reporting of revenue

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