The effective date for private companies for ASC Topic 606 has been moved to January 1, 2020! Question: Are you prepared? Designed for external auditors, this course provides a practical overview of the understanding of the FASB’s new revenue recognition guidance. The course provides a brief overview as well as additional guidance, best practices, presentation, and disclosures as well as which audit procedures to perform. The new revenue recognition standard could impact existing contract terms, tax planning strategies, budgets, debt covenant compliance, incentive compensation plans, etc. In other words, this new standard are much more than an accounting issue, they’re a business issue! As such, it is critical that all accounting and auditing practitioners in public accounting begin their review and preparation for auditing revenue under ASC Topic 606!
Course ID: AAUNRRS
Accounting & Auditing Under the New Revenue Recognition Standard
After completing this course, you will be able to:
- a) explain the FASB’s new revenue recognition standard
- b) describe the new five-step model
- c) discuss the new presentation and disclosure requirements
- d) provide the transition requirements and practical application of initial adoption of the new standard and
- e) understand the audit procedures to be performed to address transition of opening balances and testing revenue at year end.
To learn ASC Topic 606, Revenue from Contracts with Customers, the FASB’s new five-step model, including the new presentation and disclosure requirements and practical application as well as the specific audit procedures to be performed for opening balances at year of transition and testing procedures to be performed at year end.
Who Should Attend
Fields of StudyAccounting, Auditing
Experience in U.S. GAAP financial reporting and auditing under U.S. GAAS