FASB Asc 606: Tips on Accounting & Auditing For Revenue Recognition
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Course Details

Overview of Topics

  • Summarizes key accounting guidance regarding whether and when revenue should be recognized in accordance with GAAP7 mins
  • Review implementation options17 mins
  • Review the five step revenue recognition process27 mins
  • Highlight within each step key points that the accountant should consider37 mins
  • Summarizes key aspects of the auditor's responsibility to plan and perform an audit under GAAS86 mins
  • Describes procedures that the auditor may find effective in limiting audit risk arising from improper revenue recognition87 mins

Course Description

The efficiency of the audit process is heavily dependent on the correct revenue recognition. With the changing nature of business and the modern-day auditor needs to be equipped with an infallible understanding of identifying revenue for a business with full proof process. 

ASC 606 replaces most existing revenue recognition guidance and brings unprecedented challenges for private companies in 2019. This authoritative webinar will help preparers and auditors unravel the complexities of the new standard and avoid areas of concern. The webinar takes an educated approach starting from basic understanding from GAAP through how auditors can minimize the audit risk from the revenue recognition perspective for FASB’s new revenue recognition guidance in ASC 606.

Designed for accounting and attestation practitioners at all levels in both public accounting and business and industry, this course provides a comprehensive review of recent standard setting activities and provide in depth coverage of : 

  • Audit considerations including controls
  • Frauds
  • Risk assessments
  • Planning and execution of the audit.

Learning objectives

  • FASB’s new revenue recognition guidance in ASC 606
  • The step by step process to recognize revenue
  • Disclosure requirements under ASC 606 and its exceptions
  • Practical Approach to Auditor’s responsibility for planning for the audit risk assessment
  • Auditor’s responsibility for executing efficient audit – general, auditing, and risk considerations

About Presenter

Jim Woy, CPA

Partner,Anderson Zurmuehlen & Co PC

jwoy@azworld.com

Jim Woy, CPA, is a provider of auditing, accounting, and financial reporting services. Jim also performs peer reviews and presents numerous continuing education courses in the audit and accounting field. He also oversees tax services for corporations, partnerships, individuals, and nonprofit organizations. His service concentrations are government, nonprofit, construction, and health care.

With 39 years in public accounting, Jim is a member of the American Institute of CPAs (AICPA) and was awarded the 2013 and 2014 Outstanding Instructor award from the AICPA. He is also a member of the Montana Society of CPAs and the Butte Chapter of the Montana Society of CPAs. In addition, Jim is an adjunct instructor of auditing at Montana Tech and the University of Montana MAC program. He graduated from the University of Montana with a Bachelor of Science in Accounting and is an enthusiastic runner in his spare time. Jim serves on the AICPA Oversight Task Force. Jim is also the past president of the Butte Family YMCA and the Butte Exchange Club, and is a technical reviewer for the Nevada Peer Review Committee. Jim has been married for 42 years to his wife Kate and has two daughters, Ashley and Alyssa, and six grandchildren. Jim is a diehard Chicago Cubs fan.

Anderson ZurMuehlen & Co., P.C., is a certified public accounting and business advisory firm, headquartered in Helena, Montana, United States. The firm has a professional affiliation with BDO Alliance, an international association of independent accounting and law firms

Review Questions

  • Question 1 : 00:15
  • Question 2 : 00:35
  • Question 3 : 00:56
  • Question 4 : 01:16
  • Question 5 : 01:29
  • Question 6 : 01:45
  1. How many methods are available to implement Topic 606?
  2. What are indicators of transfer of Control?
  3. • Which of the following is not available as Limited Relief to Private Companies under Disclosure requirements under 606?
  4. The auditor should assess management estimates of variable consideration in accordance with..
  5. What are the key assertions of revenue completeness?
  6. What among below options is an example of transactions that create higher risk?
  1. The effective date to implement ASC Topic 606 is
  2. The full retrospective approach to implementing ASC Topic 606 entails
  3. ASC Topic 606 applies only to contracts with customers, except for
  4. The following criteria should be met for a contract with a customer to meet the definition of a contract under Topic 606, except for
  5. A performance obligation under Topic 606 is considered distinct when
  6. Contract costs should be capitalized when
  7. Key judgments by the entity will include which of the following:
  8. Auditors should consider confirming contracts with customers when
  9. If the auditor’s fraud risk assessment indicates the entity would overstate revenue, what assertion is considered the most relevant
  10. Fraud risk is always present in auditing revenues, except when

FAQ

  • myCPE self-study courses are online.
  • The self-study format allows you to access the material online 24/7 and study at your own pace.
  • As per NASBA guidelines, you have one year from date of registration to complete each program.
  • Complete your final exam at any time and get CPE Credit instantly. You can retake the exam multiple times without any additional charges.
  • Course have minimum passing score of 70% and test takers will not be provided feedback on failed exams.
  • Upon achieving a passing score, test takers will be notified of the correct answers to the questions missed.
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Refund/Cancellation Policy

  • For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128
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Reviews

4.3
(7)
29%
71%
0%
0%
0%
  • KI
    Kevin Irlbeck , CPA
    Dec 27th 2019
    After I have watched this entire course, the revenue subject resonates so well with me! I can now demonstrate my own view towards approaching revenue transactions in the context of the revenue standard! I also recommend going through the entire course, for at the end there are sessions solely focused on examples, which sheds light on the matter from different perspectives

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On-Demand Webinars

CARES ACT: NOL CHANGES (UPDATED LATEST)
Friday, July 03, 2020 View Details/Register
UNDERSTANDING & ADOPTING THE NEW REVENUE RECOGNITION STANDARD
Thursday, July 02, 2020 View Details/Register
FRAUD ESSENTIALS: WHO? HOW? WHY? WHAT?
Thursday, July 02, 2020 View Details/Register
PRACTICAL APPROACHES TO PERFORMING EFFICIENT & EFFECTIVE SSARS ENGAGEMENTS (COMPILATION AND REVIEW)
Thursday, July 02, 2020 View Details/Register
ARE YOU INDEPENDENT WHEN YOU NEED TO BE? UNDERSTANDING RECENT CHANGES TO THE AICPA CODE OF PROFESSIONAL CONDUCT
Thursday, July 02, 2020 View Details/Register
TAX UPDATE : FCCA 2020 & SECURE ACT. (COVID-19)
Friday, June 26, 2020 View Details/Register
IRS FORM 1099 REPORTING REQ. INCLUDING UPDATES ON FORM 1099-NEC (LATEST 2020)
Thursday, June 25, 2020 View Details/Register
FEDERAL TAX UPDATE: COMPREHENSIVE INDIVIDUAL TAX (FORM 1040)
Thursday, June 25, 2020 View Details/Register
A BASIC ETHICS GUIDEBOOK FOR UTAH CPAS
Thursday, June 25, 2020 View Details/Register
A BASIC ETHICS GUIDEBOOK FOR MISSISSIPPI CPAS
Thursday, June 25, 2020 View Details/Register
A BASIC ETHICS GUIDEBOOK FOR MINNESOTA CPAS
Thursday, June 25, 2020 View Details/Register
A BASIC ETHICS GUIDEBOOK FOR CONNECTICUT CPAS
Thursday, June 25, 2020 View Details/Register
A BASIC ETHICS GUIDEBOOK FOR ARIZONA CPAS
Thursday, June 25, 2020 View Details/Register
MAXIMIZE YOUR SAVINGS POTENTIAL THROUGH HEALTH SAVINGS ACCOUNTS (HSAS)
Monday, June 22, 2020 View Details/Register
Arizona Specific Ethics (Part 1)
Monday, June 22, 2020 View Details/Register
  • Cost $20
  • CPE Credits 2
  • Subject Area Auditing
  • Course Level Basic
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Recorded Date December 27 ,2019
  • Published Date January 09 ,2020
  • Who should attend? Accountant CPA - Small Firm CPA - Mid Size Firm CPA - Large Firm Accounting Firm CPA (Industry) Auditors Young CPA CPA in Business Entrepreneurial CPA Accounting Practice Owners Senior Accountant VP Accounts Accounts Director Cloud Accountants Chief Accounting Officer Entrepreneurial Accountant Accounting Managers
  • Handout Material Download
  • Key Terms Download

On-Demand Webinars

CARES ACT: NOL CHANGES (UPDATED LATEST)
Friday, July 03, 2020 View Details/Register
UNDERSTANDING & ADOPTING THE NEW REVENUE RECOGNITION STANDARD
Thursday, July 02, 2020 View Details/Register
FRAUD ESSENTIALS: WHO? HOW? WHY? WHAT?
Thursday, July 02, 2020 View Details/Register
PRACTICAL APPROACHES TO PERFORMING EFFICIENT & EFFECTIVE SSARS ENGAGEMENTS (COMPILATION AND REVIEW)
Thursday, July 02, 2020 View Details/Register
ARE YOU INDEPENDENT WHEN YOU NEED TO BE? UNDERSTANDING RECENT CHANGES TO THE AICPA CODE OF PROFESSIONAL CONDUCT
Thursday, July 02, 2020 View Details/Register
TAX UPDATE : FCCA 2020 & SECURE ACT. (COVID-19)
Friday, June 26, 2020 View Details/Register
IRS FORM 1099 REPORTING REQ. INCLUDING UPDATES ON FORM 1099-NEC (LATEST 2020)
Thursday, June 25, 2020 View Details/Register
FEDERAL TAX UPDATE: COMPREHENSIVE INDIVIDUAL TAX (FORM 1040)
Thursday, June 25, 2020 View Details/Register
A BASIC ETHICS GUIDEBOOK FOR UTAH CPAS
Thursday, June 25, 2020 View Details/Register
A BASIC ETHICS GUIDEBOOK FOR MISSISSIPPI CPAS
Thursday, June 25, 2020 View Details/Register
A BASIC ETHICS GUIDEBOOK FOR MINNESOTA CPAS
Thursday, June 25, 2020 View Details/Register
A BASIC ETHICS GUIDEBOOK FOR CONNECTICUT CPAS
Thursday, June 25, 2020 View Details/Register
A BASIC ETHICS GUIDEBOOK FOR ARIZONA CPAS
Thursday, June 25, 2020 View Details/Register
MAXIMIZE YOUR SAVINGS POTENTIAL THROUGH HEALTH SAVINGS ACCOUNTS (HSAS)
Monday, June 22, 2020 View Details/Register
Arizona Specific Ethics (Part 1)
Monday, June 22, 2020 View Details/Register