ASU Topic 606 related to Revenue Recognition contains authoritative guidance on the sweeping new model for recognizing revenues in contracts with customers. As a result of his monumental initiative, the amount or timing of revenue recognition may have changed, but also presentation and disclosure.
Course ID: RRMODEL
The Impact of the New Revenue Recognition Model
Learning Objectives
- Describe significant differences in accounting and financial reporting before and after ASU 2014-09 and related changing U.S. GAAP
- Explain important aspects of revenue recognition that are NOT changing with the new rules
- Apply tips for implementing and transitioning to the new revenue recognition model
Major Topics
- Describe the real-life impacts of adopting the new 5-step revenue recognition model on a variety of industries
- Important judgment calls that may impact the timing and/or amount of revenue recognized
- Unitended consequences that may have emerged from adopting the new model
- The most significant changes from previous accounting and financial reporting rules, including disclosures
Advanced Preparations
None
Who Should Attend
- Describe examples of real-life impacts of adopting the new revenue recognition model to a variety of industries
- Discuss the value of required and optional revenue recognition disclosures
- Explain how the new model creates more consistency in financial reporting for all entities
Fields of Study
AccountingPrerequisites
None