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Surgent's Challenges in Implementing Topic 606 for Entities in the Technology Sector (TEC4)

 Tue, 12/18/2018 from 1:00 pm to 4:30 pm
19 / 2-61201
Registration Status: CLOSED -- Please contact the VSCPA at [email protected] or (800) 733-8272 for availability.
$139.00 Regular Registration
Designed For:

Identify the five steps of Topic 606’s new revenue recognition model Determine how to allocate transaction price to performance obligations under Topic 606 Apply Topic 606’s guidance in other areas of interest to entities currently using SOP 97-2 Recall best practices and lessons learned from others


Experience in accounting and auditing

Change is definitely coming. For those entities currently following industry-specific accounting guidance for revenue recognition, Topic 606 will be replacing this with a single model. For those in the technology sector that utilize Statement of Position 97-2, Software Revenue Recognition (SOP 97-2), adopting Topic 606 will most likely result in significant changes to when you recognize revenue, particularly with regard to contracts with multiple performance obligations. With the requirement to have vendor-specific objective evidence (VSOE) to support the allocation of transaction price going away under Topic 606, technology companies will also see major change in how they allocate transaction price, which will impact when they record revenue on these transactions.With Topic 606's effective date right around the corner, now is the time to get the answers to your implementation questions. In this course, we'll explore Topic 606 from the perspective of entities that currently recognize revenue under SOP 97-2. We'll highlight the changes that Topic 606 makes to the guidance found in the SOP and focus on the impact that software entities should expect when implementing this new guidance.Implementing Topic 606 will be a challenge for software entities, and this course will help you identity and resolve these issues so that you can complete your adoption strategy.

Delivery Method: Individual webcast
CPE Credit: Auditing
Program Level: Intermediate

The Virginia Society of CPAs (VSCPA) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: NASBARegistry.org.

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