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ASC 606 – All you need to know about the new Revenue Recognition rules for long-term construction and similar contracts

  • CIA
  • CMA
  • CPA (US)
  • IAP
  • QIAL
  • Course Description
  • Course Qualification
  • Presenter
  • Faq

Course Description

Course Description

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:

  • Introduce the new core principles of revenue recognition.
  • Know how to identify and define a construction or similar contract.
  • Understand the concept of performance obligations.
  • Determining and allocating a transaction price.
  • 5-step process for recognizing construction revenue.
  • Disclosure requirements.

Learning Objectives

  • To recognize the strengths of the new revenue requirements.
  • To describe the more robust framework for addressing revenue issues.
  • To discuss the 5-step approach to revenue recognition.
  • To explain how to recognize and account for performance obligations and its related revenue.
  • To review hot to apply FASB ASC 606 to construction and similar contracts.

Recommended For

  • This CPE course is recommended for CPAs, CMAs, CIAs, and Other Accounting and Auditing Practitioners at all levels desiring to understand the challenges in applying Topic 606 to entities with long-term construction projects.

Who Should Attend?

  • Accountant
  • Accounting and audit managers/practitioners
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Accounts Director
  • Assistant Controllers
  • Auditors
  • Business Owner
  • CEO
  • Certified Management Accountant
  • Certified Public Accountant
  • Chief Accounting Officer
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Director of Accounting
  • Staff of Accounting Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
  • 2 CPE Credit for Internal Audit Practitioner (IAP)
  • 2 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
  • 2 CPE Credit for Certified Management Accountants (CMA)
  • 2 CPE Credit of Accounting & Auditing for Certified Internal Auditors (CIA)

Presenter

About Presenter

Michel Morley

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.

Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
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  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

4.6

13 Ratings

Excellent

8

Very Good

3

Average

1

Poor

0

Terrible

1

JM

Johanna Matheny, CPA (US)

Dec 31st, 2021

I would recommend including an example at the begging in of the presentation that the instructor can use throughout the presentation to illustrate the material. I would have liked real life examples throughout.

AH

Aimee Hayes, CPA (US)

Jan 4th, 2022

I had already taken prior courses related to ASC 606 in general. I signed up for this class hoping it would have more focus on the construction industry. I was disappointed to discover it was another course on the basics.

ASC 606 – All you need to know about the new Revenue Recognition rules for long-term construction and similar contracts

$20

2 Credits

Subject Area

Accounting

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