Surgent's Life After Adoption: Applying Topic 606 to Revenue Contracts on an Ongoing
While the effective date of Topic 606 has passed for most entities, there will always be a need for a comprehensive review of the accounting related to revenue recognition. Also, if you are taking advantage of the FASB deferral of Topic 606's effective date, you are still completing your implementation plan. Whether you are looking to improve your revenue recognition processes, benchmark your financial statement disclosures against your peer group, or assess the impact of changes to your revenue recognition processes due to COVID-19, this course will provide you with the information you need to apply Topic 606 in this current environment. This course will both provide the detailed review of the Topic 606 guidance, including identifying and discussing those areas of Topic 606 implementation which were the most challenging for many entities. We will review the Topic 606 Five-Step revenue recognition model, highlighting areas of nuance and significant judgment, and focus on disclosure requirements under the new standard. Then we'll focus on lessons learned for the Year One implementation of the new guidance, focusing on ways to continue to enhance the recording of revenue, the relevancy of the financial statement disclosures related to revenue, and addressing common operational issues which arose with the adoption of Topic 606. Plus, the course will point out the accounting impact of changes that many companies made to their revenue recognition approaches as a result of COVID-19. As public companies have already found out, the application of Topic 606 is an evolving exercise, with great opportunity to improve your Year One efforts by learning from the results of others. This course will provide the forum to do so.
Date & Time:
Wednesday, September 15, 2021
6:00am – 2:00pmAdd this event to my calendar
Field of Study:
8 hours CPE credit
Registration for this event has passed.
Applicable if you are a NVCPA member in good standing.
Applicable if you are not a NVCPA member.