Revenue Recognition (ASC Topic 606): Allocate the Transaction Price to Performance Obligations 2 Credits
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The new revenue recognition standard outlines five steps for proper compliance. On the surface, these steps seem simplistic. However, many considerations should be considered within each step based on your process and industry.Â
Previous CPE webinars in this series have covered the standard at a high level and evaluated steps one and two of the standard. They are:
This CPE Accounting webinar is designed to evaluate Step Four of the new model dealing with allocating the transaction price. Â
The transaction price is the basis for measuring revenue. It is the amount of consideration the entity expects to be entitled to in exchange for transferring promised goods or services. The transaction price is allocated to performance obligations (PO) based on relative stand-alone selling price (SSP). Â
The standard identifies three separate estimation methods that can be used to estimate stand-alone selling prices. These include the Market assessment approach; estimated cost-plus margin approach and residual approach. These approaches can also be utilized when considering how to allocate discounts and variable considerations. Â
Within this online CPE course, speaker Lynn Fountain will cover the aspects of allocating the transaction price for revenue recognition.
Have a look at Revenue Recognition Certificate Course, we
have on our website authored by Lynn Fountain.
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Lynn Fountain has over 39 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Lynn has held two Chief Audit Executive (CAE) positions for international companies. In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees. The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.
Ms. Fountain is currently engaged in her own consulting and training practice. She has successfully executed on several consulting assignments spanning areas of accounting, risk, ERM and internal audit. She is a highly sought-after trainer and international speaker and has produced hundreds of courses delivered through seminars, conferences and on-demand training. She is the author of three separate technical books.
Ms.
Fountain obtained her BSBA from Pittsburg State University and her MBA from
Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.

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