One of the biggest accounting changes the world has seen recently is looming over accounting professionals. The new revenue recognition standard (ASC 606) is a set of regulations on revenue from contracts with customers. It is touted to remove the inconsistencies and weaknesses of current standards across the board by implementing a single, principal-based approach. Along with ASC 606, the FASB also issued ASU 2018-08 Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made to help resolve the accounting for grants and similar arrangements. This course is designed to provide participants with an understanding of the new revenue recognition standard, and practical implementation guidance. Using authoritative guidance and real examples, it will illustrate appropriate accounting for the new standard, and provide insight on how organizations should approach implementation of the new standard.
The participant will learn the following:
• The upcoming changes to revenue recognition
• The changes most likely to affect your organization’s revenue recognition policies
This session is recommended for financial professionals and certified public accountants. The experience level for this session is overview/update. There are no prerequisites for this session.