|Full time Accounting Educator:||None|
Change is definitely coming to the world of revenue recognition. For those in the technology sector that follow Statement of Position 97-2, Software Revenue Recognition (SOP 97-2) for revenue recognition, adopting Topic 606 will most likely result in significant changes in how you recognize revenue. In this course, we'll explore how you would account for the unique aspects of software revenue contracts, such as multiple-element contracts and price allocation, under the guidance of Topic 606 and how this approach differs from that in SOP 97-2. With Topic 606's effective date right around the corner, now is the time to get the answers to your implementation questions. Implementing Topic 606 will be a challenge for software entities, and this course will help you identity and resolve these issues so that you can complete your adoption strategy.
Accounting and auditing practitioners at all levels desiring to understand the challenges in applying Topic 606 for those in the software industry
- Identify the five steps of Topic 606’s new revenue recognition model
- Determine how to allocate transaction price to performance obligations under Topic 606
- Apply Topic 606’s guidance in other areas of interest to entities currently using SOP 97-2
- Recall best practices and lessons learned from others implementing Topic 606
- Topic 606’s five-step revenue recognition model
- Changes in accounting guidance between Topic 606 and SOP 97-2
- Allocation approaches of transaction price under Topic 606
- Other unique implementation issues for entities currently using SOP 97-2 for revenue recognition purposes
- Lessons learned and best practices from entities already adopting Topic 606
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