The new revenue recognition standard (FASB ASC 606) substantially changes the accounting for variable consideration, customer loyalty programs, marketing incentives, and other customer promotions. In this session, the technical director of the Center For Plain English Accounting (CPEA) uses active learning techniques to upskill participants in these critical aspects of revenue recognition. Practical illustrations relevant to private companies are used to deepen the learning experience.
After participating in this session, attendees will:
• Gain a deeper understanding of the new revenue recognition rules (FASB ASC 606) related to variable consideration, customer loyalty programs, marketing incentives, and other customer promotions
• Learn how to apply the new rules to common transactions existing at private companies