While the effective date for ASC 606 is past for most entities, the challenges of applying the new revenue recognition guidance will undoubtedly continue for a while. In this course, we'll review both issued and proposed ASUs related to ASC 606 and review the disclosure requirements for non-public business entities under ASC 606. Next, as many entities made changes to their policies and approaches to revenue recognition as a result of COVID-19, we'll review some of the common accounting challenges that companies face as a result of these changes. Lastly, we'll explore ways that many companies have improved their revenue recognition process as a result of ASC 606 adoption.
Objective
- Recall recent FASB updates related to ASC 606
- Recall the disclosure requirements for non-public business entities related to ASC 606
- Identify potential changes in the application of ASC 606 related to COVID-19
Highlights
- New and proposed FASB ASUs related to ASC 606
- ASC 606 disclosure requirements and examples for non-public business entities
- Impact of applying ASC 606 due to COVID-19
Designed For
Accounting and auditing practitioners at all levels desiring to remain up to date on recent pronouncements and other standard setters' activities
Prerequisite
Experience in accounting and attestation
Advanced Preparation
None
