Surgent's Guide to the Topic 606 Revenue Recognition Model for All CPAs

Overview

While the effective date of Topic 606 has passed for companies, there will always be a need for a comprehensive review of the accounting related to revenue recognition, including recently issued changes to this guidance. Whether you are looking to improve your revenue recognition processes, benchmark your financial statement disclosures against your peer group, or assess the impact of changes to your revenue recognition processes due to COVID-19, this course will provide you with the information you need to apply Topic 606 in this current environment.

This course will review the basic Topic 606 five-step model and provide specific implementation guidance and examples. It will cover the presentation and disclosure requirements for Topic 606, including the private company disclosure relief available under Topic 606, and provide disclosure examples. Lastly, the course will discuss best practices, lessons learned, and ways to improve the business process when recognizing revenue going forward.

Even though implementing Topic 606 is behind us, it is still possible to improve the processes that drive revenue recognition and this course will assist you in doing that.

Highlights

• Topic 606, Revenue from Contracts with Customers, including recently issued ASUs impacting Topic 606
• The FASB’s new five-step revenue recognition model, including hands-on examples and illustrations of the new guidance
• Presentation and disclosure requirements
• Accounting considerations related to COVID-19-driven changes to revenue recognition processes
• Lessons learned and best practices for improving business processes related to revenue recognition going forward

Prerequisites

Experience in accounting and auditing

Designed For

Accounting and auditing practitioners at all levels desiring to understand the FASB’s new revenue recognition guidance

Objectives

• Explain the FASB’s new revenue recognition guidance found in Topic 606
• Describe the FASB’s new five-step revenue recognition model
• Discuss the presentation and disclosure requirements in the new standard
• Utilize hands-on examples and illustrations to increase your overall understanding and application of the material
• View feedback from public entity implementation of Topic 606
• Recall best practices and areas for improvement in the recognition of revenue

Preparation

None

Notice

This on-demand webcast can be taken at any time of your choosing and is valid for one year from the date of purchase. No live instructor is present, and an exam is required to earn credit. You must score 70% or higher to earn the certificate.

How do I access my Self-Study Package?

Visit https://www.surgentcpe.com/login and enter your username (your LCPA email address) and password. If you do not remember your password, press the "Forgot?" button to receive a password reset email. Once logged in, the page will refresh to display your account menu on the left side.