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ASC 606: Requirements and Deadlines for the New Revenue Standard

Date: Tuesday, November 27, 2018
Time: 1:00 - 2:40 pm EST

Sponsored by Lorman Education Services


Registration - Live Webinar Only: $219.00

Registration - Live Webinar Plus CD Recording: $288.00
 

Gain a better understanding of the new revenue standard and help identify potential changes to the revenue recognition process.

The new revenue recognition standard (ASC 606: Revenue from Contracts with Customers) becomes effective for non-public entities for fiscal years beginning after December 15, 2018.

The new standard provides a completely new process for identifying promises to customers and determining when to recognize the related revenue. This material provides an overview of the new standard, including implementation considerations and a sample timeline, and helps companies identify potential changes to their revenue recognition process as a result of adopting the new standard.

This topic also explains the more complex aspects of ASC 606, and provides examples of issues that companies have struggled with in practice. Although in some instances, a company’s revenue may be unchanged as a result of applying the new standard, all companies are required to apply the new five-step model, and comply with the new disclosure requirements.

Learning Objectives:

  • You will be able to describe the five step process required by ASC 606.
  • You will be able to identify promises in the contract and determine which represent distinct performance obligations.
  • You will be able to explain when revenue should be recognized over time versus at a point in time.
  • You will be able to discuss the appropriate presentation of contract assets and liabilities on the balance sheet, and identify information that is required to be disclosed related to revenue transactions.

This Live Webinar Covers These Hot Issues:

Overview of the Standard

  • Overview and Scope
  • Other Guidance

Overview of the Five Step Model

  • Step 1: Identify the Contract
  • Step 2: Identify Separate Performance Obligations
  • Step 3: Determine the Transaction Price
  • Step 4: Allocate Transaction Price to Performance Obligations
  • Step 5: Recognize Revenue

Other Considerations

  • Licenses of Intellectual Property
  • Contract Costs
  • Principal vs. Agent
  • Presentation and Disclosures

Effective Date and Implementation Considerations

  • Effective Dates
  • Planning and Sample Timelines

Credit Information (Sponsored by Lorman Education Services):

  • CPE
  • AIPB
  • NASBA
  • Enrolled Agents

For Detailed Credit Information page click here

Only registered attendee will receive continuing education credit.

Faculty

Angela Newell, BDO Seidman, LLP

  • National Assurance Partner with BDO Seidman, LLP
  • More than 20 years of experience in both auditing and operational and financial reporting
  • Works with audit engagement teams to determine the appropriate accounting for a variety of topics
  • Currently serving a four-year rotation on the Financial Reporting Executive Committee of the AICPA as BDO’s representative, and previously served a prior term as an industry representative; Angela also served as a member of the AICPA’s Revenue Recognition Working Group
  • M.S. and B.S. degrees, University of Arkansas
  • Can be contacted at 214-689-5669 or ajnewell@bdo.com

(Not available outside the US)