The long-anticipated release of the new Revenue Recognition standard, Revenue from Contracts from Customers (ASC 606), was issued in May 2014. This new standard represents a fundamental change in a company’s approach to revenue recognition. In addition, other than some limited-scope exceptions, it applies to all companies and industries. However, since the new standard will not go into effect for public companies until fiscal years beginning after December 15, 2017 (and for private companies a year after that), this program will include present accounting guidance but also include an increased coverage of the new standard. This program will provide participants with practical guidance about how to work with the current concepts and principles of revenue recognition under GAAP. In addition, we will do a deep dive into the concepts and frameworks that are the basis for Revenue from Contracts with Customers. This new standard will be the same around the world (with a few exceptions) and will supersede all present accounting guidance for U.S. GAAP.