Revenue: Effective Date, Disclosure and Transition & Other Assets and Deferred Costs (Topics 340-40 and 606-10-50) Webcast | 4203312A
Date: August 17, 2020
Event Start time: 11:00 AM End time: 1:00 PM
Facility: Webcast Remote
2.00 CPE: Continuing Professional Education Non-Technical
2.00 AA: Auditing & Accounting
Field of Interest:
This course is the last of a three-course series; focused on ASU 606, Revenue from Contracts with Customers. Address the effective date, disclosure, and transition along with ASU 340-40, Other Assets and Deferred Costs. A selection of public company disclosures will also be reviewed. Now effective for most entities, it's time to review the topic and recent updates.
With the issuance of a final standard—ASC 606, Revenue from Contracts with Customers—public companies were required to implement after Dec. 15, 2017, and non-public companies, Dec. 15, 2018.
- Explain the objective of disclosure under ASC 606.
- Explain the elections available to nonpublic entities regarding disclosure under ASC 606.
- Illustrate, measure, present and disclose other assets and deferred costs relating to ASU 606.
- Recall the effective date, as revised, for public and nonpublic entities.
- Identify and differentiate between the two methods of transition.
- Review a selection of public companies' revenue disclosures.
Level of Difficulty:
- FASB ASC 606, Revenue from Contracts with Customers
- FASB ASC 340-40, Other Assets and Deferred Costs
- All recently released updates to ASC 606, Revenue from Contracts with Customers
Revenue: The Five Steps (ASU 606-10) and Revenue: Special Implementation Guide (ASU 10-55)
Advanced Prep: Event Notes:
CPAs, auditors, consultants, and financial and management professionals.