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New Revenue Standard and Implementation Approach

Gain a better understanding of the rules for revenue recognition under GAAP, as well as current issues companies are facing with this new revenue standard.

Revenue is one of the most important financial statement measures to both preparers and users of financial statements in assessing an entity's financial performance and position. Generally accepted accounting principles in the United States (US GAAP) comprised broad revenue recognition concepts and numerous requirements for particular industries or transactions that could result in different accounting for economically similar transactions. In addition, US GAAP differed from International Financial Reporting Standards (IFRS) and both needed improvement. In May 2014, the Financial Accounting Standards Board issued ASC Topic 606, Revenue from Contracts with Customers, and ASC Subtopic 340-40, Other Assets and Deferred Costs--Contracts with Customers, and the International Accounting Standards Board issued IFRS 15, Revenue from Contracts with Customers, to improve financial reporting by creating common revenue guidance for US GAAP and IFRS. The core principle of the new revenue guidance is that entities should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

Learning Objectives

  • You will be able to Recognize how the transition and adoption of ASC 606 works.
  • You will be able to Identify the process of recognizing revenue through determining performance obligations, determining transaction price and the methods for recognizing revenue under ASC 606.
  • You will be able to Differentiate between principal and agent.
  • You will be able to Identify key planning and implementation activities and considerations for ASC 606.

Runtime: 100 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Introduction

  • Importance of Revenue
  • Why Did the FASB Develop a Single Revenue Standard?
  • Effective Date and Transition Methods

Overview of ASC Topic 606

  • Scope
  • Applying the Five-Step Model
    • Identify the Contract With the Customer
    • Identify the Performance Obligations in the Contract
    • Determine the Transaction Price
    • Allocate the Transaction Price to Performance Obligations
    • Recognize Revenue When (or as) Performance Obligations Are Satisfied
  • Principal vs. Agent Considerations
  • Licensing
  • Contract Costs

Implementation Considerations and Insights

  • Key Planning and Assessment Activities
    • Performing Initial Contract Analysis
    • Assessing Potential System Impacts
    • Determining Transition Method
    • The Importance of Project Management
    • Working With Auditors
    • Managing the Transition Within Your Organization
  • Key Implementation Activities
    • Performing Expanded Contract Analysis
    • Assessing Process and Internal Controls Impacts
    • Assessing Financial Reporting Impacts
    • Communicating Changes to Stakeholders
    • Other Considerations
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on February 13, 2018.

Call 1-866-352-9540 for further credit information.

  • Enrolled Agents 2.0
     
  • This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.7
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.75
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.75
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.75
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.75
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

No photo available

Robert Luman

MorganFranklin Consulting, LLC

  • Senior manager with MorganFranklin Consulting, LLC
  • More than 18 years of experience in accounting, consulting, and auditing
  • Prior to joining MorganFranklin, he was a Principal Consultant at Infosys, Inc. and held various roles within the audit divisions of “Big 4” and National Public Accounting Firms
  • Has deep experience in revenue recognition, including implementation of the new accounting standard over this area; accounting issues related to mergers and acquisitions; financial instruments; stock compensation; and regulatory and reporting issues under both the Securities and Exchange Acts of 1933 and 1934
  • Regularly leads internal firm technical training sessions
  • Certified Public Accountant in the State of Washington and Texas (Inactive)
  • B.B.A. degree in finance and accounting, Texas A&M University
  • Can be contacted at 202-794-9329 or [email protected]
Dee Mirando-Gould

Dee Mirando-Gould

Moss Adams LLP

  • Managing director, Technical Accounting Consulting, Moss Adams LLP
  • More than 25 years of experience in accounting, consulting, and auditing. Prior to joining Moss Adams, Dee led the Technical Accounting Resource Center at MorganFranklin Consulting, wrote auditing standards at the PCAOB, and held various auditing roles at PricewaterhouseCoopers LLP
  • Focuses most of her time on initial public offerings and complex accounting and reporting issues, including accounting for revenue transactions under existing and the new revenue standard; leases under existing and the new lease standard; business combinations; derivatives and hedging; stock-based compensation; variable-interest entities and other consolidations issues; and debt and equity instruments and related embedded features
  • Presents regularly at seminars on recent accounting pronouncements and financial reporting issues
  • Wrote publications on accounting and financial reporting issues, including the JOBS Act of 2012 and the new revenue standard
  • Certified Public Accountant in the State of Washington and Alaska
  • M.B.A. and B.B.A. in accounting degrees
  • Can be contacted at 703-407-2767 or [email protected]
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 401598
Published 2018
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