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

Understanding & Adopting the New Revenue Recognition Standard

4.5 (2)

Mark Dauberman, CPA

Mark Dauberman

Wednesday, June 17, 2020 | 02:30 PM EDT

  • CMA
  • CPA
  • CGMA

2 Credits

$20

Subject Area

Accounting

Upcoming Webinars

Course Description

It appears that the new revenue recognition standard, FASB Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers, has been deferred for the last time and will be required of all entities reporting under GAAP for periods ending after December 15, 2019 which is for the year 2020 for calendar year entities.  Unfortunately, entities that wait until year-end, when they are preparing their 2020 financial statements may have difficulty accumulating the information necessary to apply it correctly and to meet the disclosure requirements.  The sooner an entity begins the process, the easier the transition will be.

This program will provide a summary of the key issues involved in adopting and applying the new revenue recognition.  Emphasis will be on what is changing in relation to provisions of the standard becoming obsolete.  The disclosure requirements of the new pronouncement will also be reviewed, along with suggestions as to how to disclose the initial adoption and disclosure in subsequent periods

A significant portion of the program will be devoted to understanding the assets and liabilities that may appear on the balance sheet due to the new standard and how to determine the appropriate carrying values.  That information will be used to construct the initial journal entry necessary upon adoption.

Highlights of the Webinar

  • Transactions that fall under the new standard
  • Accounting for transactions that are not revenue contracts with customers
  • Recognition and measurement of assets and liabilities that will appear on the balance sheet once the standard has been adopted
  • Disclosure requirements of the new revenue recognition standard

Learning Objectives

  • To identify the main provisions of the new revenue recognition standard
  • To identify the main provisions of the new revenue recognition standard
  • To recognize how to measure the carrying values of each asset and liability as of initial recognition and at subsequent dates
  • To recall the adjustment necessary to initially adopt the new standard
  • To evaluate how to provide information to comply with disclosure requirements in a manner that will improve the usefulness and understandability for the benefit of financial users

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Accounts Director
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Senior Accountant
  • Staff of Accounting Firm
  • VP Accounts
  • Young CPA

Testimonial

Array
(
    [no_of_record] => 2
    [average] => 4.5000
)
 

4.5

(2)
50%
50%
0%
0%
0%