Guide to the Topic 606 Revenue Recognition Model for All CPAs

The effective date for Topic 606, Revenue from Contracts with Customers, is rapidly approaching. Are you ready? Designed for accounting and auditing practitioners at all levels in both public accounting and business and industry, this course provides a thorough review of the FASB's comprehensive new revenue recognition guidance found in Topic 606. The course will review all aspects of the FASB's new five-step revenue recognition model, including all updates which have been issued to the original ASU. Additionally, the course will review the presentation, and disclosure requirements of the standard. Plenty of examples are used to illustrate the practical application of the ins and outs of the new guidance (including journal entries) to help you better understand and apply the complexities of this completely revamped area of accounting. Revenue recognition changes due to this new guidance could impact wording in contracts, tax planning strategies, budgets, debt covenant compliance, incentive compensation plans, and more. In other words, this comprehensive change in revenue recognition is so much more than simply understanding the resulting debits and credits in the financial statements. As such, it is imperative that all accounting and auditing practitioners at all levels, in both public accounting and business and industry, begin their review and preparation for implementing Topic 606 NOW.