The new FASB 606 on revenue recognition supersedes nearly all current revenue recognition provisions, including industry-specific guidance and replaces it with a more principles-based approach, which is not a five step process. This is mark-ably different than the all-events test used for tax purposes.

The new standard is effective January 1, 2018 for public companies and January 1, 2019 for private companies - That's right around the corner! Now is the time to dig in and start getting up to speed on these critically important issues.

Agenda / Covered Topics

• Apply the new financial accounting concepts in the revenue recognition setting
• Gain a working knowledge of accounting rules as they relate to revenue recognition
• Discuss planning and potential pitfalls
• Identify the contract(s) with a customer
• Identify the performance obligations in the contract
• Determine the transaction price
• Allocate the transaction price to the performance obligations
• Recognize revenue as the business satisfies a performance obligation

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