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

4.2 (14)

Melisa Galasso, CPA

Galasso Learning Solutions

Tuesday, July 28, 2020 | 09:00 AM EDT

  • CPA

1.5 Credits

$30

Subject Area

Accounting

Upcoming Webinars

Course Description

Revenue is one of the core elements of an entity’s financial statements; it is used as the basis of many financial measures to compare companies to one another and to analyze a single company over time. The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) recognized that existing revenue recognition literature differed between their jurisdictions and that both systems needed improvements. The two organizations collaborated and Accounting Standards Update (ASU) 2014-09 was produced as the result of their joint efforts.

ASU 2014-09, as amended, changes how all entities recognize and disclose revenue transactions. This CPE webinar will provide :

  • An overview of the new principles-based, five-step revenue recognition process.
  • Exploring some of the implementation issues and lessons learned during implementation. 
  • The Tax Cuts and Jobs Act, its $25M rule, IRC § 451, and what it all means 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 identify the five steps in Topic 606
  • To identify common transition issues
  • To describe the tax implications of revenue

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Accounts Director
  • Bookkeeper
  • CPA - Large Firm
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Senior Accountant
  • Young CPA

Testimonial

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    [average] => 4.2143
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4.2

(14)
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7%

DC

Educational detailed informational presentation explained by a knowledgable presenter. I’ve learned enough to get started with ACS 606 to go further with the understanding thank you Melisa.

TV

Although I'm somewhat familiar with the new tax law, I haven't given much thought to the financial accounting implications. Needless to say, I learned a lot from this excellent webinar.

SW

Outstanding seminar! I have heard many, many seminars both long and short on the revenue recognition standard and I got the most out of this one! Basic and to the point with great lessons learned and key points noted and well presented at a great pace

RM

Melissapresented a very difficult topic in outstanding fashion, and the lessons learned in applying ARC 606 were very valuable & Strong subject matter knowledge displayed throughout the presentation. Good Job.

BW

Good course

JP

The instructor had a way to make ASC 606 understandable. She did a terrific job of keying into the problem areas of implementing. Great seminar, Melisadid a great job in reviewing and providing insight on lessons learned in applying the 5 steps in ASC 606 for revenue recognition