Revenue Recognition Topic 606 - Deep Dive
Author: Lynn Fountain
| CPE Credit: |
2 hours for CPAs |
This course provides a detailed overview of the key principles and requirements with respect to revenue recognition. We will review examples for each step as time permits.
Publication Date: August 2025
Designed For
Controllers, Accountants, Auditors, Finance and Operational Professionals Professionals
Topics Covered
- How the Updated Standards Were Developed
- Core Principles
- Five Step Model
- Contract Modifications
- Presentation Issues Contract Assets and Liabilities
- Disclosure Requirements and Transition Methods
- Key Amendments from ASUS Issued Subsequent to the Initial Release
Learning Objectives
- Recognize how the new revenue recognition standards were developed between the FASB and IASB
- List the five steps involved in the new revenue recognition model
- Recognize the considerations involved in identifying whether a contract exists
- Identify the considerations involved with measuring the transaction price
- Recognize the steps involved in allocating the transaction price to performance obligations
- Identify presentation issues with respect to contract assets and contract liabilities
- Explain the overall disclosure requirements and transition methods related to the new standards
- Recognize key amendments from ASUs issued subsequent to the initial release of the new revenue recognition standards
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Accounting (2 hours)
Program Prerequisites
Basic knowledge on Revenue Recognition
Advance Preparation
None
