ASC 606 Identifying Performance Obligations - Part 1 1.5 Credits
Revenue Recognition Series
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The new standard applies to all companies. We have covered the first step “Identify the Contract” within two previous segments. The second step is to identify the performance obligations. This CPE webinar will focus on “Understanding the new revenue recognition rules” and its five-step model outlined in the standard that organizations must utilize when recognizing revenue.
This CPE course by Lynn Fountain delves into step two of the revenue recognition process relating to performance obligations. Identifying performance obligations requires having a detailed understanding of the contract, deliverables, promises, and contract timing. It involves being able to distinguish between distinct and non-distinct goods and services to identify whether one or more performance obligations exist. This task involves significant judgment and requires specific considerations to be applied to properly identify the performance obligations.
Other aspects relating to performance obligations that will be discussed within this segment are the concepts of measuring progress over a while and identifying how to recognize revenue over some time. This segment also evaluates how to recognize revenue related to intellectual property.
This segment is the first of two segments that evaluate performance obligations. Part two will examine elements surrounding factors that impact performance obligations and examine how to handle up-front fees or stand-alone offers.
This course covers the following Major Topics:
This CPE Accounting webinar utilizes many examples from numerous industries to enhance the learning of the various concepts.
Have a look at the Revenue Recognition Certificate Course, which 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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To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.
After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
SH
Great examples and exercises including throughout to ensure the application of the content was understood.
SG
It's great, It provides a vast knowledge of how to identify the performance obligation.
Dec 16, 10:00 AM ET
Dec 16, 10:00 AM ET
Dec 16, 11:30 AM ET
Dec 16, 12:30 PM ET
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Dec 16, 01:30 PM ET
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