Focusing on the top impact areas for private companies, the technical director of the Center for Plain English Accounting (CPEA) provides an understanding of and practical insights about key principles and essential elements of the new revenue recognition standard. Participants gain a deeper grounding in key aspects of the FASB ASC 606 architecture. Interactive illustrations and exercises are utilized to deepen the participants' knowledge of major concepts.
After participating in this session, attendees will be able to:
• Understand the new revenue recognition standard (FASB ASC 606) and how it differs from current guidance
• Apply the concepts and requirements of the new revenue recognition standard when accounting for transactions and preparing financial statements