103 | In Person Training | Intermediate | Scheduled
Implementing Topic 606: Tackling the Tough Issues in Adopting the New Revenue Recognition Standard
Thursday, June 20, 2019 8:30am - 4:00pm
Whether you are ready or not, the effective date of the new revenue recognition standard is right around the corner. The time to execute your implementation plan is now. Are you ready? In addition to reviewing the five-step revenue recognition model and the recent updates that impact the standard, this course will explore some industry specific topics that have been challenging for entities adopting the new standard. Topics covered include identifying performance obligations, licenses, customer loyalty programs, other material right options, plus other transition issues such as the impact on income taxes and financial systems.
- Apply the FASB's new revenue recognition guidance found in ASC Topic 606.
- Describe the FASB's new five-step revenue recognition model.
- Discuss the presentation and disclosure requirements in the new standard.
- Utilize hands-on examples and illustrations to increase your overall understanding and application of the material.
- Comprehend industry and issue-specific guidance related to revenue recognition.
- Identify operational implementation issues related to adopting the new standard.
- Daryl G. Krause (view bio)
CPAs and their staff, both in public accounting and business and industry - controllers, accountants and other financial accounting personnel involved in financial statement preparation and review
- ASC Topic 606, revenue from contracts with customers
- The FASB's new five-step revenue recognition model, including hands-on examples and illustrations of the new guidance
- Presentation and disclosure requirements
- Recent ASUs that provide implementation guidance for the standard
- Industry-specific implementation issues and guidance
- Identifying performance obligations
- Accounting for licenses
- Identifying a material right in an option
- Other operational issues related to implementation
- Feedback from public entity implementation of Topic 606
Daryl G. Krause
Daryl G. Krause, CPA, has CPA Certifications and he practices in: Illinois, Indiana, Kentucky, Michigan, Ohio and Wisconsin as Manager & CEO of his CPA firm, which he founded in 2005. Previously he enjoyed 23 years of diversified responsibilities with Ernst & Young. Industries he served included manufacturing, construction, real estate and financial services. Daryl has led more than 100 courses for the AICPA in 27 states and the District of Columbia. He also performs technical reviews during the development of certain AICPA courses.
Daryl was the Ohio Valley Area Director of Employee Benefit Plan Services specialty audit practice for 8 years responsible for the technical accuracy and quality of over 300,000 hours of employee benefit plan audit effort. Roles included sign-off partner for approximately one third of the entire area's engagements, independent reviewer on approximately 100 additional plans per year and technical advisor for all work.
As Senior Manager in the Entrepreneurial Services group for 3 years he managed a portfolio of corporate audit client relationships. Roles included providing SEC reporting assistance to new public companies, assisting in due diligence on potential acquisitions and helping companies improve their controls and financial reporting processes.
He served in E&Y's National Professional Development group as a Senior Manager for 5 years. Roles included designing, developing and delivering core curriculum Audit and Entrepreneurial Services training programs for the entire U.S. practice. Part of the 11 member team that completed the development effort to introduce the Ernst & Young Audit Approach training for Staff through Partner following the Ernst & Whinney and Arthur Young merger, which was deemed a critical success factor for the newly formed Ernst & Young.