Interpreting the FASB Recognition Standard: What All CPAs Need to Know (4 hours - afternoon) - Webcast
Overview
FASB ASC 606, Revenue from Contracts with Customers, is effective! Do you know which contracts are within the scope of the standard and when revenue should be recognized? This course answers those questions by providing a basic understanding of the five-step process for recognizing revenue under FASB ASC 606. Supported by practical examples, this course addresses core principles that all CPAs need to know. Updates to this course include the latest guidance from FASB, industry-specific examples taken from the AICPA Audit and Accounting Guide Revenue Recognition disclosure illustrations.
Highlights
5-step process for recognizing revenue
Prerequisites
Experience in the application of accounting standards
Designed For
Accountants in public practice, industry, and academia who need an update on the latest revenue recognition guidance
Objectives
This course is intended to familiarize the learner with the core principles of revenue recognition from contracts with customers. When you complete this course, you will be able to:
- Recognize principles of FASB ASC 606.
- Recognize requirements for identifying a contract under FASB ASC 606.
- Recognize performance obligations under FASB ASC 606.
- Recognize requirements for determining a transaction price under FASB ASC 606.
- Recognize requirements for allocating a transaction price under FASB ASC 606.
Leader(s):
Leader Bios
Thomas Sheets, Surgent CPE
Thomas M. Sheets, CPA, is a certified public accountant with over 40 years experience in auditing, accounting, and tax return preparation for businesses and individuals. He established his own consulting, tax, and accounting practice 24 years ago in Enid, Oklahoma. He provides consulting, auditing, and tax planning and preparation services for a wide variety of individual clients and industries. Mr. Sheets started with a Big Eight accounting firm in Tulsa, Oklahoma, and then was with a large, local CPA firm in Enid, Oklahoma for 15 years. He has written and led seminars for leading providers of CPE for over 35 years on various topics including real estate accounting, construction accounting and tax, fraud in small businesses, tax issues for nonprofit organizations, preparation, compilation and review engagements, special purpose framework financial statements, and accounting and auditing updates.
(3/18/21)
Non-Member Price $245.00
Member Price $195.00