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FASB ASC 606: Revenue From Contracts with Customers




2 CPEs

About the Course

Over half of the time PCAOB inspectors are focused on revenue and revenue related accounts in their review of the auditor's workpapers.

This accounting CPE event provides CCS's observations related to these PCAOB inspections of revenue audit workpapers. The event also covers the details for the issuer of financial statements as to the accounting standards that are in place.

The core principle of the guidance in FASB ASC Topic 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

This timely, two hour CPE training event is designed for the accounting staff to assist them in reviewing their accounting policies and procedures in the revenue recognition area. It is also targeted at the auditor who will be working on engagement planning, staff training objectives, audit quality and workpaper management concerning revenue recognition.

Program Level of Understanding: Basic
Prerequisites: None
Advance Preparation: None
Delivery Format: Group Internet Based
NASBA Field(s) of Study: Accounting
CPE Credits: 2, based on 50 minutes of instruction per hour

Details on Event Presentation

Being offered twice a quarter on Monday at 1:00 p.m. to 3:00 p.m. Central Time.

CPE Event Highlights

The Convergence with IFRS Continues
The Five-Step Revenue Recognition Process
Which? What? When? How Much?

Learning Objectives

The Goal: Refresh Knowledge of ASC Topic 606:
•Review why the GAAP standard was updated.
• Understanding the five-step revenue recognition process.
• Understand the context of the standard in your industry.

Key Issues on the Agenda

Section 1- Introduction to FASB ASC 606
Section 2 - Applicability
Section 3 - Summary of Technical Guidance
Section 4 - Interpretation
Section 5 - Common Questions and Summary

Your Instructor

John C. Blackshire, Jr.

CEO of The Accountware Group, Inc. (TAG) of Austin, TX. He has over 40 years of business management, internal control, software development and auditing experience. TAG helps companies improve their business processes, implement financial systems, and comply with the requirements of the Sarbanes-Oxley Act.

John C. Blackshire, Jr.
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