Gain insight into the challenges in current practice related to recognizing revenue under ASC 606.
ASC 606 was effective for most non public companies in 2019. However, even after five years of experience, companies continue to encounter difficulties applying the new standard’s guidance. This session will refresh your understanding of the five step process required by ASC 606 and provide insight into the challenges faced in practice in applying its precepts through real life examples and case studies. The session will focus on the more complex aspects of ASC 606 and provide insight into how to navigate those complexities.
Learning Objectives
- You will be able to describe the five step process required by ASC 606.
- You will be able to identify promises in the contract and determine which represent distinct performance obligations.
- You will be able to explain when revenue should be recognized over time versus at a point in time.
- You will be able to discuss how to apply the guidance to complex situations.
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Why Lorman?
Over 37 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 | |
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| Overview of the Five Step Model | |
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| Other Considerations | |
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| Effective Date and Implementation Considerations | |
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More Program Information
Why Lorman?
Over 37 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
Live Webinar Registration
- AIPB 2.0
- This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
Enrolled Agents 2.0
- In accordance with the standards set forth in Circular 230 section 10.6, CE credits have been granted based on a 50-minute hour. This program qualifies for 2.0 Continuing Education Credit(s) for enrolled agents.
CPE 2.0 including Accounting 2
- Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a 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: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Accounting for 2.0 hours. Prerequisite: basic knowledge of taxation. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure 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.
Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
Who should attend?
This live webinar is designed for accountants, controllers, CFOs, tax managers and officers, presidents, vice presidents, business owners and managers, bankers, business analysts, enrolled agents, and bookkeepers.
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Why Lorman?
Over 37 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 USA P.A.
• Deputy Managing Principal of the Professional Practice Group of BDO USA P.A.
• 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
• Served 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; 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]
Add to Wishlist
More Program Information
Why Lorman?
Over 37 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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