FMN Accounting  |  Format: Flash

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.

    Catalog Number: FMN1320-FM
    CPE Credits: 2 Registry / 2 QAS
    Author: FMN Online
    Advanced Preparation:
    Work experience in financial reporting or accounting, or an introductory course in accounting.
    Course Level: Update
    Field of Study: Accounting
    Content Partner: FMN Online
    QAS: QAS Certified based on 50 minute hours.
    Course Type: Self-Study
    Minimum Passing Grade: 70%
      You are allowed 2 attempts to pass the final exam in a 30 day period. You will be locked out of the final for 30 days after any second failure.
    Soft/Hardware Reqs.:  Adobe Acrobat® Reader for the .pdf files
     56k or Greater Internet Connection
     Modern DHTML Compatible Browser
     Ram: 256 MB minimum
     Sound card with speakers/headphones
     Windows or Mac OS
    Release/Expiration Dates: Oct 10, 2019 / May 14, 2021