Description
Gain insight into the challenges in current practice related to recognizing revenue under ASC 606.
ASC 606 was effective for most non public companies in 2019. However, even after five years of experience, companies continue to encounter difficulties applying the new standards guidance. This session will refresh your understanding of the five step process required by ASC 606 and provide insight into the challenges faced in practice in applying its precepts through real life examples and case studies. The session will focus on the more complex aspects of ASC 606 and provide insight into how to navigate those complexities.
Date: 2024-07-17 Start Time: 1:00 PM ET End Time: 2:40 PM ET
Learning Objectives
* You will be able to describe the five step process required by ASC 606.
* You will be able to identify promises in the contract and determine which represent distinct performance obligations.
* You will be able to explain when revenue should be recognized over time versus at a point in time.
* You will be able to discuss how to apply the guidance to complex situations.