Revenue Recognition - Topic 606 Overview

Overview

This session is the beginning in a series on the new revenue recognition standard. The standard outlines five steps for proper compliance. At the surface, these steps seem simplistic. However, there are many considerations that should be considered within each step based on your process and industry. This course is designed to provide an overview of the technical guidance and outline the five steps involved in the revenue recognition model. We also explore some concepts to consider within each step and then evaluate some challenges that specific industry's may have when complying with the standard. Future courses will further delve into each step and provide example and scenarios that should be considered to properly apply the step.

Highlights

• Revenue Recognition on Contracts with customers

Prerequisites

None

Designed For

Accountants, Finance Professionals, Auditors, Internal Auditors

Objectives

• Identify the effective dates for the new standard
• Explore the need for the new standard
• Explore the new revenue recognition core principles and the five-step revenue model
• Identify the impact of the new standard on various revenue concepts
• Explore the impact of the standard on various industries

Preparation

None