Anyone have suggestions on how to learn 606 quickly? In audit and 606 seems like learning another language. TIA

like
Posting as :
works at
You are currently posting as works at

EY puts out great white papers they call “technical lines”. This is probably as quick and easy as you’ll find.

likesmart

RevenueHub.org

I’m in technical accounting consulting for my firm, but rather than read through the giant guidances the Big 4 put out (I like KPMG’s the best), you can find specific and detailed examples and how it’s different from 605 for the various subsets under 606.

like

Thanks - have heard about revenuehub.org

Any other good resources that people find valuable?

Depends on industry. Understand the five steps (identify contract w/ customer, identify separate performance obligations, determine transaction price, allocate transaction price to each separate performance obligation, and recognize revenue when performance obligations are met or variable constraints have been lifted). Rinse and repeat that until it clicks.

like

If you want to learn what the 5 steps are, then sure, D1 is right. But simply memorizing the 5 steps is not going to help in the practical application of the standard, which is what I assume OP is looking for.

Reach out to any colleagues in FAAS and see if they can set up an hour training for you / your team

like

Agree. I like KPMGs the best

But for audit you don’t need to be super technical, read the guidance, the testing templates etc and ask for help

Yep, reach out to your local technical team. I know I’m always happy to help teach audit teams about 606 and its intricacies.

Related Posts

I am looking for a 6th year program in equity or diversity Any information ?

like

How do I protect my IP/startup idea when I am pitching to recruit co-founders and investors? Like an NDA?? Or is there always a risk that someone might swipe it

like

Just got assaulted by some punks on 14th and 7th. Be safe out there.

likeupliftinghelpful

I have two coworkers in Nashville and New York who will not stop talking to me about anime. What can I do to tell them I'm not a weeb??

funnylikesmart

Almost everyone here is from a consulting background. What is everyone's target industry/role post MBA? Just curious 🤔

like

Is VCA hiring in the UAE at the junior level?

like

Hey guys!
Can someone suggest a good 2bhk in Marathahalli or HSR

like

Does anyone know of companies that offer IT consultant training programs? I would love to be trained to build solutions for clients in the AWS cloud. My background: cyber and cloud degrees in college, IT intern experience, and plenty of projects outside of school.

like

How common are enrollment periods, where you can only sign up for a retirement plan during specific times of the year?

Anyone make the move from a core corporate tax group to an M&A tax group? What was your experience like, would you do it again?

like

Anyone working for Quest Diagnostics? I am currently a Forensic Processing Supervisor and would like to compare market value in other cities. I am currently in the Kansas City area.

like

Any corporate entertainment firms looking to hire a second year associate?

like

How much does senior analyst/level 10 make at ACN? Specifically Tech/Digital.

like
like
like

Fish that have given 2 weeks notice in a sales role: when you gave your notice did you stay on for the full time, did you get walked with pay or walked without pay?

like

Wonder what the new name will be for Facebook. Might not be able to call the FAANG anymore, might end up being BAANG....

funnylike

KPMG management consulting or Accenture management consulting (ACN)??? KPMG Accenture

like

Kindly let me know if you are looking for job in any of these opportunities.

Post Photo
like

Additional Posts in Accounting

How to improve efficiently/productivity in the office?

like

Anyone know what comp and wlb are like at FAANG companies? Is the wlb worse than other industries?

like

Hey FB, I'm writing a research paper on the new CEIV certification. What are your thoughts on it? Do you see it as beneficial, do you think it will affect PA significantly? Any thoughts appreciated!

like

I missed the webcast this morning because I was actually doing my job (was still wearing jeans though 👌🏼)

like

How long does it take from the moment one applies for the CPA, to actually receiving it in NY?

like

I started last September and am now wrapping up my third busy season (1st one around Christmas to meet a deadline in early jan, “normal” one in feb and March, and now a late 12/31 filer (cont.)

like

I miss having friends at work. Seeing coworkers stresses me out. I often worry they'll judge me, talk shit behind me as they often do to others during lunch :( how to make new friends or reset mind?

like

Do you know when we hear about raises, PBB this year?

like

Every single day I have meeting after meeting after meeting. I literally have maybe 1-2 hours a day to myself to get things done. How do I fix this???

likehelpful

How’s the experience in PwC - deals tax (London)? Any insight is helpful!

like

Thank you Jesus for blessing me with a passing REG score. You did it all! ❤️

likefunnyupliftingsmart

What's a tax consultant or advisory manager making in Denver these days? Glassdoor is cluttered with all sorts of old/outdated data and hasn't caught up to the additional 100k people that moved there.

like

Do any of guys use the Robin hood app?Can we even do that?

like

Do new audit staff at PwC have access to Independence Checkpoint? I want to preclear an investment but I can't seem to log into the tool.

like

What typeface font do you guys use in your emails?

like

Anybody been coached out this summer? I had a bad year, though my work was great and utilization high, I wasn’t “managing” the engagement well enough... so got held back. $0 raise, $0 bonus.

like

Anyone here done a rotation in Norway? Seems like an interesting opportunity

Post Photo
like

What’s a good first year corporate senior financial analyst salary? If I currently made 73k, what should I expect going to industry in mid-sized city?

like

What are your thoughts on the investing app, Acorn? Started to using it, but not sure if I like it or not. Maybe I am missing some of benefits it offers. If you use this, what are the things you like?

like

The Partner asked me my opinion on a hiring decision. I told him I'm not getting paid enough for that. I don't think he found that funny. :(

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal