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

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Melisa Galasso, CPA (US)

Galasso Learning Solutions

Wednesday, May 26, 2021 | 09:30 AM EDT

  • CIA
  • CMA
  • CPA (US)
  • CVA
  • IAP
  • QIAL

1.5 Credits

$25

Subject Area

Accounting

Webinar Qualifies For

1.5 CPE credit of Accounting or Accounting (Governmental) for CPAs

1.5 CPE credit for Certified Management Accountants (CMA)

1.5 CPE credit for Certified Fraud Examiners (CFEs)

1.5 CPD credit (Verifiable) for Certified Valuation Analyst (CVA)

1.5 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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.

Developed jointly by the Financial Accounting Standard’s Board (FASB) and International Accounting Standards Board (IASB), ASC 606 provides a framework for businesses to recognize revenue more consistently. The standard’s purpose is to eliminate variations in the way businesses across industries handle accounting for similar transactions. This lack of standardization in financial reporting has made it difficult for investors and other consumers of financial statements to compare results across industries, and even companies within the same industry.

ASC 606 is the new revenue recognition standard that affects all businesses that enter into contracts with customers to transfer goods or services – public, private and non-profit entities. The core principle of Topic 606 is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The tax implications of a company’s adoption of ASC 606 for financial reporting purposes are varied and complex—in some cases, creating new book tax differences and additional data maintenance requirements. Compounding the tax impacts are changes to the tax rules under Internal Revenue Code (IRC) Section 451 for revenue recognition.

This online CPE webinar covers following key topics:

  • 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; and its business applications.

Learning Objectives

  • To recognize the five steps in Accounting Standard Update 2014-09 (Topic 606)
  • To identify common transition issues
  • To elaborate the accounting and tax implications of revenue recognition
  • To solve the issues identified as per guidance from the Accounting Standard Update 2014-09 Topic 606

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Certified Fraud Examiner
  • Certified Management Accountant
  • Certified Valuation Analysts
  • CPA - Large Firm
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial CPA
  • Government Contractor
  • Young CPA

Testimonial

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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.

RB

The presenter is very knowledgeable in displaying the effects of performance obligation on ASC 606 implementation. I really enjoyed her presentation, The bases of the topic are covered and the instructor gives straight answers when polls are swayed one way!

MW

Melissa did a great job explaining the fundamentals of ASC 606. She was clear and concise and focused on the main points. I hope that she is able to continue to provide webinars on other key accounting pronouncements in the future.