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Executive Overview of Revenue Recognition (Topic 606) Exploring Both the Accounting & Tax

Melisa Galasso, CPA

Galasso Learning Solutions

  • CMA
  • CPA
  • CGMA

Published: May, 2020

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Before starting this self study program, please go through the instructional document.

Overview

  • Revenue from Contracts with Customers (Topic 606)
  • Five Step Process
  • Revenue from Contracts with Customers (Topic 606) - Deferral of the Effective Date
  • Cash Basis vs Accrual Basis
  • 25 Million Dollar Rule

Course Description

Revenue is an essential number to users of financial statements in assessing an entity’s financial performance and position. The Accounting Standard Update 2014-09 brought changes to how all entities recognize and disclose revenue transactions. This webinar is a huge value provider for its key area coverage.

Key topics covered:

  • An overview of five step process
  • A thorough understanding of the underlying new principles that constitute the process
  • The Tax Cuts and Jobs Act
  • $25M rule of the Tax Cuts and Jobs Act
  • IRC § 451
  • Practical application of all these guidelines for businesses

This webinar is a must-attend for those seeking to understand how both the Accounting and Taxation of Revenue has been impacted by recent changes.

Learning Objectives

  • To recognize revenue under the new 5-Step Model
  • To identify common transition issues
  • To recognize & describe the tax implications of revenue recognition
  • To recall the feedback from public entity implementation of Topic 606
  • To recall best practices and areas for improvement in the recognition of revenue

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Accounts Director
  • Chief Accounting Officer
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Senior Accountant
  • Staff of Accounting Firm
  • Tax Accountant (Industry)
  • Young CPA