How we account for the revenue related to construction contracts (and similar contracts) is changing in a fundamental way.
FASB recently introduced ASC 606 with new rules for revenue recognition (Revenue from Contracts with Customers).
“Earning” revenue will no longer be based strictly on invoices to customers. Instead, it will be proportional to the level of extinguishment of contract performance obligations.
We will walk you through the step-by-step process of revenue recognition as prescribed by the new standard. Disclosure and documentation will be discussed.
Because ASC 606 recommends percentage-of-completion for long-term construction contracts (and similar contracts). we will provide you with a detailed example and explain to you all the figures, calculations, and concepts.
Major topics covered in this Accounting CPE webinar:
Founder, Mike Morley
Mike Morley is a Certified Public Accountant and a recognized authority in the field of finance with more than 25 years experience in finance, including SOX and IFRS implementation.
An entertaining and informative speaker and trainer, Mike is the author of:
“IFRS Simplified” which provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS.
“Sarbanes-Oxley Simplified” which is an easy-to-read explanation of the requirements of the U.S. legislation that makes CEO's & CFO's personally responsible for the accuracy of their company's financial statements.
“Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate.
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MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: 143597) 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.
SR
Another great video.
JR
Great Info
JC
Great lesson of revenue recognition rules for construction and similar contracts. Performance obligations that need to be satisfied to be identified and labeled correctly.
SC
Very informative.
MO
Could use a bit more real world examples throughout for better understanding of the material.
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