CPAR Accounting & Financial Reporting

CPAR - 2019/October, Seg.02 - Implementing ASC 606: Real World Insights

Course Overview
In May 2014, the Financial Accounting Standards Board, FASB, issued the new authoritative guidance on accounting for revenue. The new guidance is commonly referred to as "ASC 606," which is a concise reference to Topic 606 of the FASB Accounting Standards Codification. Companies that prepare financial statements in accordance with U.S. Generally Accepted Accounting Principles (GAAP) have recently been required to adopt ASC 606, which replaces nearly all previous GAAP related to accounting for revenue. Bruce Pounder, executive director of GAAP Lab, shares his insights on solving the technical-accounting problems that inevitably arise when companies attempt to apply the standard in the real world.

Learning Objectives:

Upon successful completion of this segment, you should be able to:

  • Recognize why implementing ASC 606 has been so difficult;
  • Identify the myths surrounding ASC 606;
  • Recognize the key aspects of identifying the contract unit of account correctly; and
  • Identify the most important things to focus on when identifying performance obligations.

Prerequisites/Advanced Preparation:

Work experience in financial reporting or accounting, or an introductory course in accounting.

Speaker / Author:

SmartPros Ltd. is a leader in online and offline continuing education for accounting, finance and engineering professionals. With over 2,000 hours of content, SmartPros has been providing mandatory continuing education products since 1981. SmartPros provides services and content to its professional and corporate clients, in a variety of media including Web, CD-ROM, and video. In the accounting market, SmartPros also has a predominant news and information portal which receives 200,000+ visits per month and provides services to over 100,000 subscribers. SmartPros' customers include 50% of the Fortune 500, as well as the major firms and associations in each of its professional markets.

Price (USD)

Standard: $69.90


Course Code : CPAR1416-FM

Length : 1hr 40min
Course Level : Update
Course Type : Self-Study
Passing Grade : 70%
Format Type : eLearning
Mobile Compatible
Field Of Study : Accounting

Returning Subscribers

- OR -