Currently, all CPE and networking events are offered virtually only. Visit our updated catalog »

Webinar (AICPA): ASC 606: What Auditors Need to Know

Description

Implementing the new FASB ASC 606, Revenue from Contracts with Customers, is likely the most significant and comprehensive change for most entities and their auditors in many years. Auditors will emphasize procedures around revenue recognition in connection with annual private company audits covering the initial year of ASC 606 implementation. Since ASC 606 is a principles-based standard, there are many more management estimates and judgments required compared to previous accounting standards. We’ve identified common challenges auditors face when auditing clients with revenue from contracts with customers and threats to auditor independence. This webcast will teach you about the impact of the new standard and how to avoid common challenges in your audit engagements.

Learning Objectives

• Recall the five principles of the new revenue recognition standard. • Recognize key challenges involved in the implementation of FASB ASC 606, Revenue from Contracts with Customers. • Recognize common audit failures relative to auditing revenue under ASC 606. • Identify where auditors are at risk of impairing their independence resulting from non-attest services.

Major Topics

• The background, purpose and main provisions of the revenue recognition standard.

• The five-step process for recognizing revenue.

• The impact of the revenue recognition standard on audit engagements.

• Audit report requirements.

• Identifying risks to auditor’s independence.

• Audit considerations for clients with revenue subject to ASC 606.

Provider
AICPA - Durham
Course Level
Intermediate
CPE Field of Study
Auditing
2
Who Should Attend

• Auditors of private companies whose clients recently implemented ASC 606.

Prerequisites

Experience performing audit engagements

Advanced Preparation

None

Location
Webinar
Event Information
When
Jan 19, 2021
11:00 am - 1:00 pm MST
Location
Webinar
Total CPE Credits
2
Format
Webinar

MEMBER


$ (% off)
$99.00

NON-MEMBER


$ (% off)
$119.00
Become A Member

Register for this Event

Webinar (AICPA): ASC 606: What Auditors Need to Know


Your browser is out-of-date!

Update your browser to view this website correctly.

Update my browser now

×