Description

This session will cover aspects of the new revenue standard having the most impact and posing the most challenges in the manufacturing industry. Participants will gain practical knowledge about how to implement FASB ASC 606 in the manufacturing sector, aided by a liberal use of illustrations and examples. Key areas covered include accounting for change orders, contract costs, tooling and pre-production costs, timing of revenue recognition, variable consideration, applicability of series guidance, learning curve costs, sell-through method, and other topics.

Learning objectives:

1. Gain a deeper comprehension of the impact of FASB ASC 606 in the manufacturing industry.
   
2. Gain a stronger ability to identify key impact areas of FASB ASC 606 in the manufacturing sector and how to apply the requirements of FASB ASC 606 to those areas.

Speaker(s):

• Thomas Groskopf, CPA, Technical Director - Center for Plain English Accounting, AICPA/Barnes, Dennig & Co., Ltd