This course, the last in a three-course series, concentrates on the miscellaneous topics in ASC 606, Revenue from Contracts with Customers, such as effective date, disclosure, and transition along with ASC 340-40, Other Assets and Deferred Costs . as covered . In addition, excerpts from public company disclosures are reviewed. With several FASB ASUpdates, ASC 606, Revenue from Contracts with Customers, public companies were required to implement after Dec. 15, 2017, and privately held companies and private nonprofits after Dec. 15, 2019. Now effective for most entities, it’s time to review the topic and recent updates.
• Explain the objective of disclosure under ASC 606.
• Explain the elections available to nonpublic entities regarding disclosure under ASC 606.
• Illustrate, measure, present and disclose other assets and deferred costs relating to ASC 606.
• Identify and differentiate between the two methods of transition.
• Review excerpts from a selection of public companies’ revenue disclosures.
• FASB ASC 606
• Revenue from Contracts with Customers
• FASB ASC 340-40
• Other Assets and Deferred Costs
• All recently released updates to ASC 606
CPAs, auditors, consultants, and financial and managerial professionals.
Revenue: The Five Steps and Revenue: Special Implementation Guide.
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