Revenue Standard ASC 606: Implementation & Guidance for Private Entities- 8 hrs. CPE
The objective of this course is to address the new revenue standard in ASC 606, Revenue from Contracts with Customers, and its related updates, and provide guidance to nonpublic (private) entities who implemented the standard in 2019 or 2020 and are addressing post-implementation issues in 2021 and 2022.
Topics include and overview of the new standard and its core principle, an analysis of each of the five steps required in the revenue model, selected issues encompassing principal versus agent considerations, dealing with warranties, bill-and-hold arrangements, and consignment transaction. The course also addresses how to account for contract costs, financial statement presentation of revenue-related accounts, disclosures, and transition methods and guidance.