Revenue Recognition (ASC 606) Concepts, Best Practices, Lessons Learned, and Future Years Reporting

  EVENT DATE

August 30, 2019

  PRESENTER(s)

Samuel Monastra

  1:00 PM ET | 12:00 PM CT | 10:00 AM PT | 100 Minutes

Course Field of Study : Tax
Course Program Level : Basic


* Not able to attend the live session? We can arrange an on-demand session for You. Please call 1-951-801-2324


DESCRIPTION



Revenue is one of the most important measures used by investors in assessing a company’s performance and prospects. However, previous revenue recognition guidance differs in Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS)—and many believe both standards were in need of improvement.

On May 28, 2014, the FASB and the International Accounting Standards Board (IASB) issued converged guidance on recognizing revenue in contracts with customers. The new guidance is a major achievement in the Boards’ joint efforts to improve this important area of financial reporting.

OBJECTIVE:

The objective of this course is to provide attendees an understanding of new guidance regarding topics of particular interest to professionals responsible for preparation of the financial statements.

Public Companies have implemented the new Revenue Recognition Standards in 2018. All other companies must implement the standard in 2019.  In addition to discussing the basic concepts of revenue recognition, lessons learned from the Public Companies that have already implemented the standard, as well as addressing the common challenges post-implementation, and best practices for future reporting years, will be considered.  

HIGHLIGHTS:

  • This course will enable you to:
  • Understand the five-step application model
  • Understand the basic concepts of the new revenue recognition standard
  • Identify the contract for revenue recognition purposes
  • Identify various revenue streams and prepare technical analysis
  • Identify implementation considerations and challenges across the business
  • Employ “Best Practices” for implementation of the new revenue recognition standard
  • Rethink some processes and better enable the revenue reporting now required

Who Should Attend?

  • CFO’s, Controllers, and financial reporting professionals





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