Revenue Recognition (ASC Topic 606): Disclosure Requirements

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Learning Objectives

To inspect why more robust disclosure requirements are needed.
To evaluate components of contract balances required to be disclosed.
To explore components of performance obligations required to be disclosed.
To identify components of significant judgments that must be disclosed.
To analyze components of the transaction price that must be disclosed.
To examine assets recognized from costs to obtain or fulfill a contract that must be disclosed.
To discuss components that must be reported in interim reporting.

Course Description

Investors and other financial statements have provided comments to the SEC on revenue-related disclosures. They felt the standard did not provide sufficient detail to perform a detailed analysis. One of the goals of the new standard is to introduce disclosure requirements that improve the information communicated in financial statements.

The new standard requires additional disclosures to better communicate the nature, amount, timing, and uncertainty of an entity’s revenue and cash flows (ASC 606-10-50-1).

Filers are required to provide qualitative and quantitative information about the following:

Contracts with customers
Significant judgments made in applying the new standard
Assets recognized from the costs to obtain or fulfill a contract

An entity is required to disclose revenue recognized from contracts with customers as well as impairment losses on any contract assets arising from those contracts. Disclosure is required unless these amounts are presented separately on its financial statements. The standard also requires information about the disaggregation of revenue, contract balances, and performance obligations.

This CPE Accounting Webinar will deal directly with disclosure requirements for the standard.

Key topics covered in this course:

Disclosure requirements
The concept of disaggregation.
Disclosure requirements for contract balances.
Disclosure requirements for performance obligations.
Practical expedient for performance obligations.
Disclosures for transaction price allocation.
Disclosure requirements around significant judgments.

Webinar Qualifies For

1.5 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
1.5 General Credit of Accounting for Accountant/Bookkeeper/Tax Professionals
1.5 CPE Credit of Financial Accounting for Certified Internal Auditors (CIA)
1.5 CPE Credit of Accounting for Certified Fraud Examiner (CFE)
1.5 CPE Credit of Financial Reporting for Certified Management Accountants (CMA)
1.5 CPE Credit of Financial accounting for Certified Valuation Analyst (CVA)
1.5 CPD Credit of Financial Reporting for Accredited in Business Valuation (ABV)
1.5 CPD Credit of Financial Reporting for Certified Financial Forensics (CFF)
1.5 PL Credit of Accounting for Chartered Financial Analyst (CFA)
1.5 CPE Credit of Accounting for Certified Government Financial Manager (CGFM)
1.5 CPE Credit of Accounting for Internal Audit Practitioner (IAP)
1.5 CPE Credit of Financial accounting for Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA)
1.5 CE Credit of Financial accounting concepts for Certified FP&A Professional (FP&A)
1.5 CPE Credit of Accounting for Qualification in Internal Audit Leadership (QIAL)
1.5 CPE Credit of Accounting for Iowa Licensed Public Accountant (IA-LPA)
1.5 PL Credit of Accounting for CIPM
1.5 CPE Credit of Accounting for Maine Licensed Public Accountant (ME-LPA)
1.5 CPE Credit of Accounting for Delaware Licensed Public Accountant (DE-LPA)

About Instructor

Lynn Fountain, CRMA, CPA (US), CGMA, MBA

Owner, Lynn Fountain Consulting and Training

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.

Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”.
Leading the Internal Audit Function
Ethics and the Internal Auditor’s Dilemma

Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.

Additional Information

Duration

1.5 Hours

Course Level

Basic

Instructional Method

Group Internet Based

Pre-requisites

None

Advance Preparation

None

FAQ’s

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NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

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Jennifer Wells, CPA (US)

It was a great course

Marianne Coonley, CPA (US)

very informative

1.5 Credits

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Subject Area

Accounting

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Verification Code

Revenue Recognition (ASC Topic 606): Disclosure Requirements

Course Details

Learning Objectives

Course Description

Qualifies for

Webinar Qualifies For

Presenter Details

About Instructor

Lynn Fountain, CRMA, CPA (US), CGMA, MBA

Other Details

Additional Information

1.5 Hours

Basic

Group Internet Based

None

None

FAQ’s

NASBA APPROVED

Ratings and Review

4.6

Trecie Beeland, CPA (US)

Jacqueline Kusper, CPA (US)

Seymour Finder, CPA (US)

Jennifer Wells, CPA (US)

Marianne Coonley, CPA (US)

Subject Area

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