Thursday, Sep 24, 2020
8:45am – 12:15pm
Due to the ongoing COVID-19 (coronavirus) pandemic, the MSCPA has made the difficult decision to make our scheduled live seminars in 2020 virtual-only events. The topics, dates, times and CPE credits will remain the same, and you will learn from the same top-level speakers that you expected to see at our live programs.
Topic 606 has an impact on most U.S. GAAP financial statements either due to measurement and recognition changes from legacy U.S. GAAP and/or additional disclosure requirements compared to prior guidance.
This 4-hour program will overview the key provisions of the topic, identify and apply the new five-step revenue recognition model, describe the disclosure requirements, as well as discuss transition and business implications of the guidance. In addition, selected industry implementation guidance developed by the AICPA will be discussed.
Participants will be able to:
Recognize how the new revenue guidance differs from legacy revenue guidance
Identify and describe the five steps involved in applying the revenue recognition model
Identify and describe selected industry implementation guidance developed by the AICPA
Identify the disclosures required in the ASU for both public and non-public entities
Identify the transition requirements to be applied upon the effective date of
ASU 201409, as amended
• Five-step revenue recognition model
• Selected industry implementation guidance
• Presentation and disclosure
• Transition guidance and business implications