FASB ASC 606 : TIPS ON ACCOUNTING & AUDITING FOR REVENUE RECOGNITION

Course Details

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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.

Webinar Qualifies for

  • 2 CPE credit of Auditing (Governmental) for all CPAs
  • 2 General Educational credit for Tax Professionals/Bookkeepers/Accountants

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

About Presenter

Jim Woy, CPA

Partner, Anderson Zurmuehlen & Co PC

jwoy@azworld.com

Jim Woy, CPA, is a provider of auditing, accounting, and financial reporting services. Jim also performs peer reviews and presents numerous continuing education courses in the audit and accounting field. He also oversees tax services for corporations, partnerships, individuals, and nonprofit organizations. His service concentrations are government, nonprofit, construction, and health care.

With 39 years in public accounting, Jim is a member of the American Institute of CPAs (AICPA) and was awarded the 2013 and 2014 Outstanding Instructor award from the AICPA. He is also a member of the Montana Society of CPAs and the Butte Chapter of the Montana Society of CPAs. In addition, Jim is an adjunct instructor of auditing at Montana Tech and the University of Montana MAC program. He graduated from the University of Montana with a Bachelor of Science in Accounting and is an enthusiastic runner in his spare time. Jim serves on the AICPA Oversight Task Force. Jim is also the past president of the Butte Family YMCA and the Butte Exchange Club, and is a technical reviewer for the Nevada Peer Review Committee. Jim has been married for 42 years to his wife Kate and has two daughters, Ashley and Alyssa, and six grandchildren. Jim is a diehard Chicago Cubs fan.

Anderson ZurMuehlen & Co., P.C., is a certified public accounting and business advisory firm, headquartered in Helena, Montana, United States. The firm has a professional affiliation with BDO Alliance, an international association of independent accounting and law firms

FAQ

  • To receive CPE credit for the event, you must register for the webcast prior to the start of each program.
  • CPE is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete webinar and respond to all polling questions asked during the webinar. CPE is issued on 50 minute credit hour basis.
  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
  • If you are Canadian Chartered Professional Accountant (CPA) many of our courses qualifies for your verifiable CPD requirements you will get your certificate for the program. You can check a tab of “Webinar Qualifies for” for the same.However please do verify with respective regulatory body about the eligibility for the same.
  • Many of our courses are approved by “CFP Board” for CE credits of certified financial Planner(CFP). Please check a tab of “Webinar Qualifies for” to verify whether webinar qualifies for CE credits for CFP or not.

Refund/Cancellation Policy

For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128

In case any of the course or live webinars gets cancelled we would be refunding you the entire amount (if paid).

Reviews

4.4
(27)
56%
33%
11%
0%
0%
  • KI
    Kevin Irlbeck , CPA
    Dec 27th 2019
    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
JS
John Sparling , CPA
Jim presented a very difficult topic in outstanding fashion, and the lessons learned in applying ASC 606 were very valuable!
LC
Lauren Connell
I have heard many, many seminars both long and short on the revenue recognition standard and I got the most out of this one!
AK
Alwyn Kruger , CPA
Great overview of ASC 606 and its application, especially for those of us not directly involved with the effects of this legislation.
IK
ibrahim Koroma , CPA
Jim provided multiple excellent examples to show how to apply the new concepts required in the application of the new ASC that made it much easier to understand.
IK
ibrahim Koroma , CPA
The instructor had a way to make ASC 606 understandable. He did a terrific job of keying into the problem areas of implementing. Great webinar!

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MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

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  • Cost $20
  • CPE Credits 2
  • Subject Area Auditing
  • Course Level Basic
  • Instructional Method group internet based
  • Prerequisites None
  • Advanced Preparation None
  • Who should attend? Accountant CPA - Small Firm CPA - Mid Size Firm Accounting Firm Auditors Young CPA CPA in Business Entrepreneurial CPA Accounting Practice Owners Senior Accountant VP Accounts Accounts Director Cloud Accountants Chief Accounting Officer Entrepreneurial Accountant Accounting Managers
  • Handout Material Download

upcoming Live CPE Webinars

QBO Running reports - Information, Analysis & Better Decision
Monday, October 26, 2020 | 09:00 AM EDT View Details/Register
Understanding Fraud, The Basics
Monday, October 26, 2020 | 09:00 AM EDT View Details/Register
Payroll Fraud Information and Discussion
Monday, October 26, 2020 | 09:00 AM EDT View Details/Register
BASIS CALCULATIONS & DISTRIBUTIONS FOR PASS-THRU ENTITY OWNERS SCHEDULE K-1 ANALYSIS (LATEST)
Monday, October 26, 2020 | 10:00 AM EDT View Details/Register
Corporate External Financial Reporting Decisions
Monday, October 26, 2020 | 10:00 AM EDT View Details/Register
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Monday, October 26, 2020 | 08:00 AM PDT View Details/Register
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Monday, October 26, 2020 | 11:00 AM EDT View Details/Register
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