VIRTUAL OPTION: Interpreting the New Revenue Recognition Standard: What All CPA's Need to Know

Description

The effective date of FASB ASC 606, Revenue from Contracts with Customers, is upon us! Do you know which contracts are within the scope of the standard and when revenue should be recognized at a point in time of over time? This course answers those questions by providing a basic understanding of the five-step process for recognizing revenue under FASB ASC 606. Supported by practical examples, this course addresses core principles that all CPAs need to know. Recent updates to this course include the latest guidance from FASB, industry-specific examples taken from the AICPA Audit and Accounting Guide Revenue Recognition, as well as disclosure illustrations.

Highlights

  • 5-step process for recognizing revenue

Objectives

  • Recognize principles of FASB ASC 606.
  • Recognize requirements for identifying a contract under FASB ASC 606.
  • Recognize performance obligations under FASB ASC 606.
  • Recognize requirements for determining a transaction price under FASB ASC 606.
  • Recognize requirements for allocating a transaction price under FASB ASC 606.

Designed For

Accountants in public practice, industry, and academia who need an update on the latest revenue recognition guidance



Leaders

Andrew Almand

Andrew D. Almand, PhD, CPA is the Donald R. Dodson Assistant Professor of Accounting at Henderson State University in Arkadelphia, Arkansas. Andy graduated from Henderson State in 2002 with a Bachelor of Administration in Accounting and in 2003 with a Master of Business Administration. In August 2016, he graduated with a PhD in Accountancy from the University of Mississippi. While pursuing the master's degree, Andy interned at Spann and Associates, Ltd. in Hot Springs, Arkansas; he joined the firm as a full-time staff accountant following the completion of his degree and passed the CPA exam in November 2003. During his time in public accounting, Andy worked in both attestation services and tax services for various industries and was promoted to senior accountant. In August 2008, Andy left Spann and Associates to pursue a career in academics at Henderson State University. While at Henderson, Andy taught several accounting courses and was very involved with student organizations. In 2012, Andy moved to Oxford, Mississippi to pursue a PhD in Accountancy at the University of Mississippi. He has now rejoined Henderson's faculty after completing the PhD. Andy's areas of research interest primarily related to tax issues, but he also has interests in financial accounting research. His research has been published in Taxes: The Tax Magazine, State Tax Notes, and the Journal of Information Systems Technology and Planning. Andy teaches courses in tax and financial accounting about the undergraduate and graduate levels. Andy married his wife, Jennifer, in December 2003. They live in Arkadelphia with their three children, Madilyn, age 9; Micah, age 6; and Matthew, age 3. Andy and his family are active members in Park Hill Baptist Church in Arkadelphia. In his spare time, Andy enjoys spending time with his family, reading, making music, and kayaking.