CPE Packages (Incl. Ethics) for Multiple States and Qualifications Available. Price $4/credit - CLICK HERE to view.

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

4 (7)

Melisa Galasso, CPA

Galasso Learning Solutions

Friday, June 18, 2021 | 02:00 PM EDT

  • CIA
  • CMA
  • CPA
  • 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 Internal Auditors (CIA)

1.5 CPE credit for Internal Audit Practitioner (IAP)

1.5 CPE credit for Qualification in Internal Audit Leadership (QIAL)

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

1.5 General Educational credit for Tax Professionals / Bookkeepers / Accountants

Upcoming Webinars

everything you need to know about partnerships

(2)

Jul 26, 2021 | 09:00 AM EDT View Details

basis calculations & distributions for pass-thru entity owners schedule k-1 analysis (latest)

(7)

Jul 26, 2021 | 09:00 AM EDT View Details

sox internal controls for inventory

Jul 26, 2021 | 09:30 AM EDT View Details

basic concepts of fixed asset accounting

(1)

Jul 26, 2021 | 09:30 AM EDT View Details

quickbooks for desktop pc exploring the interface - for beginners

(1)

Jul 26, 2021 | 10:00 AM EDT View Details

yellow book boot camp – introduction to nfp and governmental accounting & auditing

Jul 26, 2021 | 10:00 AM EDT View Details

excel accountant: intro to spreadsheets in-depth

(1)

Jul 26, 2021 | 10:00 AM EDT View Details

2020 t2 - step-by-step guide preparing t2 return in profile

Jul 26, 2021 | 10:00 AM EDT View Details

workplace culture

Jul 26, 2021 | 10:00 AM EDT View Details

employment law – what will get you sued in 2021

(67)

Jul 26, 2021 | 10:30 AM EDT View Details

ethics irs circular 230 - controversy side of circular 230

(47)

Jul 26, 2021 | 10:30 AM EDT View Details

s-corp preparation, basis calculations & distributions – form 1120s schedule k & k-1 analysis

(4)

Jul 26, 2021 | 11:00 AM EDT View Details

agile auditing

(3)

Jul 26, 2021 | 11:00 AM EDT View Details

itemized deduction updates - with examples & case studies (basic overview)

(222)

Jul 26, 2021 | 11:30 AM EDT View Details

excel’s data validation tools - keep out bad data from the start

(2)

Jul 26, 2021 | 11:30 AM EDT View Details

This Course is Also Available in Self Study (On-Demand)

Click Here

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 and audit managers/practitioners
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Business Owner
  • CEO
  • Certified Management Accountant
  • Certified Valuation Analysts
  • CFO/Controller
  • Chief Accounting Officer
  • CPA - Large Firm
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Director of Accounting
  • Entrepreneurial CPA
  • Young CPA

Testimonial

Array
(
    [no_of_record] => 7
    [average] => 4.0000
)
 

4

(7)
43%
43%
0%
0%
14%

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.