Description

This course is based on a live webinar on Revenue Recognition. Within the course we evaluate the Five Step Revenue Recognition Process and present case scenarios that live participants voted on.

The new updated standard “Revenue from Contracts with Customers Topic 606)” was issued on May 28, 2014, and became effective for public companies On December 15, 2017.

• In May 2020, FASB issued an ASU granting a one-year effective date delay for certain organizations applying the RR guidance.
• The ASU permits private companies and NFP organizations that have not yet applied the RR standard to do so for annual reporting periods beginning after December 15, 2019, and interim reporting periods within annual reporting periods beginning after December 15, 2020. This was due to the COVID pandemic.

Core Principle of the Standard:

• An entity should recognize revenue to depict transfer of promised goods or services to customers in an amount reflecting consideration the entity expects to be entitled in exchange for those goods or services.

Transfer of “control” to the customer is the driving determinant in evaluating appropriateness of revenue recognition.

Within this webinar your will be able to not only have an understanding of the five-step process but also view how participants voted on the various scenarios during the live session.