Interpreting the FASB Recognition Standard: What All CPAs Need to Know (4 hours - afternoon) - Webcast
Overview
FASB ASC 606, Revenue from Contracts with Customers, is effective! Do you know which contracts are within the scope of the standard and when revenue should be recognized? 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 principles that all CPAs need to know. Updates to this course include the latest guidance from FASB, industry-specific examples taken from the AICPA Audit and Accounting Guide Revenue Recognition disclosure illustrations.
Highlights
5-step process for recognizing revenue
Prerequisites
Experience in the application of accounting standards
Designed For
Accountants in public practice, industry, and academia who need an update on the latest revenue recognition guidance
Objectives
This course is intended to familiarize the learner with the core principles of revenue recognition from contracts with customers. When you complete this course, you will be able to:
- 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.
Leader(s):
Leader Bios
Bruce Shepard, Ret PWC Partner & AICPA Consultant, Surgent CPE
Bruce A. Shepard is a graduate of the Wharton School of Finance and Commerce and holds an MBA in Accounting and Quantitative Methods from the University of Oregon. Bruce is a Retired Partner with PricewaterhouseCoopers who practiced in Portland for 33 years. From 1985-2006, Bruce was in charge of the Middle Market Practice for PwC in Portland, where he served as an Assurance Partner from 1989-2006. From 2006-2010, Bruce was the Chief Financial Officer of Las Vegas Gaming, Inc. in Las Vegas, Nevada where he and his wife, Liz, presently reside. In 2011-12, Bruce was an adjunct professor of accounting at the University of Oregon and at George Fox University. Beginning in 2012 through today, Bruce is an AICPA Consultant instructing over 100 classes a year in accounting and auditing.
(3/22/21)
Non-Member Price $245.00
Member Price $195.00