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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.

Learning Objectives

  • You will be able to identify the core principal and overview of the new Revenue standard.
  • You will be able to recognize the requirements of Step 1 and 2 of the Five Step Model.
  • You will be able to identify the requirements of Step 3 and 4 of the Five Step Model.
  • You will be able to recognize the requirements of Step 5 of the Five Step Model.

Runtime: 116 minutes
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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.

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 April 18, 2019.

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

  • CPE/NASBA - QAS Self Study 3.0 including Accounting 3
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 3.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Accounting for 3.0 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     
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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: 406143
Published 2019
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