US GAAP Revenue (ASC606) Training
Transforming finance training
US GAAP Revenue (ASC606) Training
Revenue is one of the most looked at numbers in a set of US GAAP accounts. Ensure that you understand ASC606 Revenue Recognition and the practicalities of embedding the changes throughout the organisation.
Given its prominence, accounting for revenue recognition is always something that needs to be considered carefully (by both the business and their auditors). ASC 606 Revenue is publicised as being principles based which is potentially a significant departure to the relatively rules based approach of previous US GAAP.
Not only do the technical accounting differences due to ASC606 Revenue need to cascade through the business (for example accountants working within FP&A or business partnering) but the wider commercial factors need to be considered. Organisations may be looking at their contracts and considering whether they need to change commercial terms.
We will also look at the main areas that organisations have struggled with and also some examples of how this has impacted on organisations’ results and workload as well as wider commercial factors, for example renegotiation of contracts with customers.
- All levels
- Technical and non technical roles
- Practice and Industry
Presumes already a little comfortable with US GAAP
Half day face to face
Learning Outcomes
- The new “five step” approach in ASC 606
- Understanding how to account for multiple element arrangements
- Practical issues in applying the standard
- Transitional options and implications
- Examples from real life companies
Note: IFRS 15 Revenue and ASC 606 are relatively converged and there is a fair amount of overlap. It is important to be cautious though as they are not the same.
