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ASC 606: Requirements and Deadlines for the New Revenue Standard

Gain a better understanding of the new revenue standard and help identify potential changes to the revenue recognition process.

The new revenue recognition standard (ASC 606: Revenue from Contracts with Customers) becomes effective for non-public entities for fiscal years beginning after December 15, 2018. The new standard provides a completely new process for identifying promises to customers and determining when to recognize the related revenue. This material provides an overview of the new standard, including implementation considerations and a sample timeline, and helps companies identify potential changes to their revenue recognition process as a result of adopting the new standard. This topic also explains the more complex aspects of ASC 606, and provides examples of issues that companies have struggled with in practice. Although in some instances, a company's revenue may be unchanged as a result of applying the new standard, all companies are required to apply the new five-step model, and comply with the new disclosure requirements.

Runtime: 116 minutes
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Over 33 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

Overview of the Standard

  • Overview and Scope
  • Other Guidance

Overview of the Five Step Model

  • Step 1: Identify the Contract
  • Step 2: Identify Separate Performance Obligations
  • Step 3: Determine the Transaction Price
  • Step 4: Allocate Transaction Price to Performance Obligations
  • Step 5: Recognize Revenue

Other Considerations

  • Licenses of Intellectual Property
  • Contract Costs
  • Principal vs. Agent
  • Presentation and Disclosures

Effective Date and Implementation Considerations

  • Effective Dates
  • Planning and Sample Timelines
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Why Lorman?

Over 33 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 Course

This course was last revised on November 27, 2018.

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

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

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Why Lorman?

Over 33 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

Angela Newell

BDO Seidman, LLP

  • National Assurance Partner with BDO Seidman, LLP
  • More than 20 years of experience in both auditing and operational and financial reporting
  • Works with audit engagement teams to determine the appropriate accounting for a variety of topics
  • Currently serving a four-year rotation on the Financial Reporting Executive Committee of the AICPA as BDO’s representative, and previously served a prior term as an industry representative; Angela also served as a member of the AICPA’s Revenue Recognition Working Group
  • M.S. and B.S. degrees, University of Arkansas
  • Can be contacted at 214-689-5669 or [email protected]
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Why Lorman?

Over 33 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: 401097
Published 2018
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