ASC 606 Identifying Performance Obligations - Part 2 1.5 Credits
Revenue Recognition Series
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This is a segment in the ongoing series evaluating the Revenue Recognitions Standard. This segment is Part 2 relating to step two of the standard “Considerations for Performance Obligations”. Part 1 evaluated the concept of distinct and non-distinct goods and services and how they relate to performance obligations.
Properly identifying performance obligations is a critical step in the five-step revenue recognition model. It is a step that must be completed at the inception of the contract and before moving on to step three of the models. As discussed in segment one on performance obligations, there are many types and variations of obligations and as such, management will be required to utilize significant judgment when applying this step. However, the judgment must be supported by considerations of the proper factors.
This CPE Accounting webinar evaluates areas that impact performance obligations.
It utilizes many examples from various industries to illustrate the considerations that must be evaluated in line with both identifying performance obligations and allocating the transaction price appropriately.
This CPE course on revenue recognition - performance obligations will focus on aspects related to:
Have a look at Revenue the 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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