Revenue Recognition – Getting Ready for the New Standard (Topic 66)

This course if for finance and accounting professionals who seek to learn the basics of ASC Topic 606, key details, transition alternatives, and how it will affect their company’s bottom line.

Learning Objectives
  • Identify the new core revenue recognition principle and the five key steps in applying it
  • Recognize the new concepts of performance obligation, contract asset and contract liability
  • Upon completion of this course, participants will:
  • Know when it is appropriate to use recognition revenue at a point in time, or over time – and if so, how much
  • Be aware of how the new standard will affect your company, and the transition options

Major Topics
  • The core revenue recognition principle
  • The five-step process for recognizing revenue
  • Identifying contracts with customers and identifying separate performance obligations within a contract
  • Determining the transaction price of a contract
  • Allocating the transaction price to performance obligations
  • Recognizing revenue as performance obligations are satisfied
  • Special situations: contract modifications, warranties, contract-related costs, licenses, gross versus net presentation – and many other examples
  • Presentation and disclosure
  • Business implications
  • Transition planning
  • Activities of the Transition Resource Group and the outlook for the future

Who Should Attend

Finance and accounting professionals

Fields of Study


Basic knowledge of accounting

Business Learning Institute

CPE Credits


This course is available for your group as:


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