Session ID: 10508
Abstract: The FASB board has passed ASC 606 that changes the rules for revenue recognition. Per aicpa.org “an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services”. Companies are asking “What does this mean”, “Am I affected”. This power hour is designed to provide an opportunity to ask those questions, meet others asking the same question, and discuss how to comply with the new standards. One CPE credit will be granted per 50-minute onsite course hour.
Objective 1: Discussion on what is the new ASC 606 standard
Objective 2: Open discussion on challenges companies are facing
Objective 3: Discussion on lessons learned so far