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PREPARING FOR ASC 606 — REVENUE FROM CONTRACTS WITH CUSTOMERS

ASU 2014-09 (ASC 606) – Revenue from Contracts with Customers is the most significant change to revenue recognition financial reporting standards in recent years. This course provides an in-depth look at the standard; incorporating implementation guidance and examples, related ASU’s, and available guidance from AICPA industry task forces.

Designed for public accountants performing audits, reviews, compilations or preparations of GAAP financial statements, this new one day seminar will help you understand the guidance in ASC 606 Revenue from Contracts with Customers and identify key implementation issues and challenges. The course features current guidance from the FASB and the AICPA, as well as implementation guidance and examples all covered in an interactive and discussion oriented presentation.

Major topics include: overview of core changes in revenue recognition concepts, ASC 606 scope and scope exceptions, in-depth coverage of the five-step model, contract modifications, disclosure requirements for both public and non-public entities, revised guidance related contract related costs, warranties, nonrefundable upfront fees, sales and usage based royalties and fees, breakage, principal vs. agent revenue recognition (i.e. gross vs. net), recognizing revenue related to intellectual property, Industry specific guidance and auditing considerations related to ASC 606.
 
Course Details

Duration
One Day

Audience
All Levels

Level of Instruction
Intermediate

Delivery Method
Group-Live

CPE Credits*
8 Hours
(Auditing)

Prerequisites
No prerequisites or pre-work are required.

For Questions or to Order
Call 800.775.9866

 

 

THE AUDITWATCH ACCOUNTING AND AUDITING UPDATE

In this course we deliver what you need to know about newly issued authoritative pronouncements of the FASB and AICPA – along with other developments of interest to practitioners serving small- and middle-market businesses. Course material is updated throughout the year so it is always current. We tailor the discussion to your firm by reviewing the agenda with you and focusing on those items most relevant to your practice. In addition we can work with you to customize the course content by removing topics you donít want to cover and including topics that go beyond the accounting and auditing update.

LEARNING OBJECTIVES
This session will enable the participant to apply selected newly issued and effective technical accounting and auditing pronouncements and advise companies on related implementation issues.

COURSE FEATURES:
  • Technical content delivered in an engaging way; encouraging participant questions and interaction
  • Discussion questions, exercises, and illustrative examples
  • Content updated throughout the year
  • Customizable content – including the option to include topics the beyond usual A&A update
  • Inclusion of hot topics and practice issues
MAJOR TOPICS
The topics discussed – and depth of coverage – depend on the activities of the FASB, AICPA and others. Check this page later for more details.
 
Course Details

Duration
One Day

Audience
All Levels

Level of Instruction
Update

Delivery Method
Group-Live

CPE Credits*
8 Hours
(Accounting, Auditing)

Prerequisites
No prerequisites or pre-work are required.

For Questions or to Order
Call 800.775.9866

 
 
Instructor for Revenue Recognition and Accounting and Auditing Update
Instructor Wayne Kerr, CPA, is a Senior AuditWatch Consultant for Thomson Reuters. He develops and teaches continuing education programs, is a technical advisor and consults with firms throughout the country. Wayne specializes in audit methodology and audit productivity consulting; working with firms to improve audit quality and efficiency, develop, refine and implement audit methodologies, and reengineer audit strategies and testing approaches.

* Topics, duration, and the allocation of CPE hours between fields of study are subject to change to accommodate late-breaking developments and firm-specific needs

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