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21WI-0830: Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know (Webinar)

Date Tuesday, March 22, 2022
Time 9:00am - 1:00pm
Central Time
Location Online
CPE credits CPE 4.0
Field(s)
of study
Accounting - Technical (4.0)
Instructor Renee Rampulla, CPA, CGMA
American Institute of Certified Public Accountants
Fees
Standard Member Fee $179.00
Standard Nonmember Fee $219.00
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Description

The effective date of FASB ASC 606, Revenue from Contracts with Customers is upon us! Do you know which contracts are within the scope of the standard and when revenue should be recognized at a point in time of over time? This course answers those questions by providing a basic understanding of the five-step process for recognizing revenue under FASB ASC 606. Supported by practical examples, this course addresses core princi-ples that all CPAs need to know. Recent updates to this course include the latest guidance from FASB, industry-specific examples taken from the AICPA Audit and Accounting Guide Revenue Recognition as well as disclosure illustrations.

Who should take this program?

Accountants in public practice, industry, and academia who need an update on the latest revenue recognition guidance

Major subjects

  • Background, purpose and main provisions of new standard
  • Transition guidance
  • 5-step process for recognizing revenue
  • Disclosure requirements
  • Implementation guidance - contracts, tax matters, internal controls, IT

Learning objective(s)

  • Recognize principles of FASB ASC 606 ·Recognize requirements for identifying a contract under FASB ASC 606 · Recognize performance obligations under FASB ASC 606 · Recognize requirements for determining a transaction price under FASB ASC 606 · Recognize requirements for allocating a transaction price under FASB ASC 606

Notes:

Course code Code 21WI-0830
Sponsor AICPA
NASBA ID#: 112891
Level Intermediate
Format Group Internet Based
Prerequisites Prereq. Experience in the application of accounting standards
Advance
prep
None
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