Recognition Standard: What All CPAs Need to Know

Description

FASB ASC 606, Revenue from Contracts with Customers, is effective! Do you know which contracts are within the scope of the standard and when revenue should be recognized? 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. Updates to this course include the latest guidance from FASB, industry-specific examples taken from the AICPA Audit and Accounting Guide Revenue Recognition 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

Leah Donti

Leah Donti, an internationally recognized seminar leader in accounting, has been doing seminars full time since 1991 through her seminar business. She conducts in-house training to CPA firms and various companies. As well, she does CPE courses through the CPA societies. She speaks on FASB update, Compilation and Review Update, Fair Value Accounting, IFRS, Fraud, Accounting and Auditing Update, Revenue Recognition, Leases, Business Combinations, Data Analytics, and ESG.
She also provides proprietary prep seminars for IQEX exam which is a reciprocity exam to become a US CPA..
Prior to beginning her private practice in 1991, Ms. Donti worked for a major information management consulting organization, where she provided training to offices across North America. She also worked with an accounting software firm, offering accounting education courses to clients on site. In addition, she held positions in internal audit and accounting with Canadian Pacific, one of the largest companies in Canada, dual listed in Toronto and New York. She has also worked as a financial reporting manager for a public company in consulting. Leah Donti has received the AICPA Outstanding Facilitator Award 11 years in a row for her practical approach, enthusiasm, and lively seminars.