FASB Asc 606: Tips on Accounting & Auditing For Revenue Recognition

4.4 (11)

Jim Woy, CPA

Anderson Zurmuehlen & Co PC

  • CMA
  • CPA
  • CGMA

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

Overview

  • Summarizes key accounting guidance regarding whether and when revenue should be recognized in accordance with GAAP
    7 mins
  • Review implementation options
    17 mins
  • Review the five step revenue recognition process
    27 mins
  • Highlight within each step key points that the accountant should consider
    37 mins
  • Summarizes key aspects of the auditor's responsibility to plan and perform an audit under GAAS
    86 mins
  • Describes procedures that the auditor may find effective in limiting audit risk arising from improper revenue recognition
    87 mins

Course Description

The efficiency of the audit process is heavily dependent on the correct revenue recognition. With the changing nature of business and the modern-day auditor needs to be equipped with an infallible understanding of identifying revenue for a business with full proof process. 

ASC 606 replaces most existing revenue recognition guidance and brings unprecedented challenges for private companies in 2019. This authoritative webinar will help preparers and auditors unravel the complexities of the new standard and avoid areas of concern. The webinar takes an educated approach starting from basic understanding from GAAP through how auditors can minimize the audit risk from the revenue recognition perspective for FASB’s new revenue recognition guidance in ASC 606.

Designed for accounting and attestation practitioners at all levels in both public accounting and business and industry, this course provides a comprehensive review of recent standard setting activities and provide in depth coverage of : 

  • Audit considerations including controls
  • Frauds
  • Risk assessments
  • Planning and execution of the audit.

Learning Objectives

  • FASB’s new revenue recognition guidance in ASC 606
  • The step by step process to recognize revenue
  • Disclosure requirements under ASC 606 and its exceptions
  • Practical Approach to Auditor’s responsibility for planning for the audit risk assessment
  • Auditor’s responsibility for executing efficient audit – general, auditing, and risk considerations

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Accounts Director
  • Auditors
  • Chief Accounting Officer
  • Cloud Accountants
  • CPA (Industry)
  • CPA - Large Firm
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Senior Accountant
  • VP Accounts
  • Young CPA

Testimonial

4.4

(11)
36%
64%
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KI

After I have watched this entire course, the revenue subject resonates so well with me! I can now demonstrate my own view towards approaching revenue transactions in the context of the revenue standard! I also recommend going through the entire course, for at the end there are sessions solely focused on examples, which sheds light on the matter from different perspectives