Revenue Recognition (ASC Topic 606): Identify the Contract Part 2

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Learning Objectives

To explore the components and requirements around contract modifications.
To identify methods to determine contract modification status.
To discuss accounting considerations for contract modifications.
To identify methods to account for unpriced change orders.
To explore modifications that fall under the cumulate catch-up accounting rules.
To analyze accounting for non-finalized contract changes.
To discuss accounting for contract cancellations.
To identify accounting treatment when it is determined a contract does not exist.
To explore the concept of contract combinations.

Course Description

This CPE course is a continuation of the discussion over part one in the revenue recognition process of Identify the Contract. Specifically, this webinar delves further into the considerations surrounding contract modifications, change orders, unpriced change orders, cancellations, non-finalized changes, and accounting treatment when a contract does not exist.

On May 28, 2014, the FASB and IASB issued converged guidance on recognizing revenue in contracts with customers. The objective of the guidance is to establish principles to report useful information to users of financial statements about the nature, amount, timing, and uncertainty of revenue from contracts with customers. The new guidance provides several benefits to financial statement users.

Entities applying the new standard for contract revenue recognition will follow five steps:

Identify the contract with the customer
Identify performance obligations
Determine the transaction price
Allocate the transaction price to performance obligations
Recognize revenue when each performance obligation is satisfied

Although these steps may seem simplistic at the surface, within each step are multiple components and considerations users must be aware of. This CPE Accounting Webinar will delve into the many concepts involved in Step One: Identify the contract.

This CPE course by Lynn Fountain utilizes many examples from numerous industries to enhance the learning of the various concepts.

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 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.

Ratings and Review

4.3

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Bryan Cheney, CPA (US)

Lynn continues to do a great job explaining the various aspects of ASC 606.

Sumithra Sripatham, CPA (US)

The content is very thorough and the examples provided are very helpful.

Keith Terreri, CPA (US)

excellent review

Marianne Coonley, CPA (US)

very informative

Max Davis,, CPA (US)

Hooray

1.5 Credits

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Subject Area

Accounting

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Verification Code

Revenue Recognition (ASC Topic 606): Identify the Contract Part 2

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

4.3

Bryan Cheney, CPA (US)

Sumithra Sripatham, CPA (US)

Keith Terreri, CPA (US)

Marianne Coonley, CPA (US)

Max Davis,, CPA (US)

Subject Area

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