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Revenue Recognition (ASC Topic 606): Recognize Revenue

  • Accountant
  • CPA/ABV
  • CPA/CFF
  • CFE
  • CGFM
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • CFA
  • IAP
  • QIAL
  • CIPM
  • CBA/MCBA
  • FPAC
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

The new revenue recognition standard outlines five steps for proper compliance. On the surface, these steps seem simplistic. However, many considerations should be considered within each step based on your process and industry. 

Previous CPE courses in this series have covered the standard at a high level and evaluated steps one and two of the standard. They are:

  • Understanding the Revenue Recognition Standard
  • Revenue Recognition: Considerations for Identify the Contract - Part One and Part Two
  • Revenue Recognition: Considerations for Performance Obligations – Part One and Part Two
  • Revenue Recognition: Considerations for Transaction Price – Part One and Part Two
  • Revenue Recognition: Allocate Transaction Price to Performance Obligations

This CPE Accounting webinar is designed to evaluate Step Five of the new model dealing with recognizing revenue which is the final step in applying the new revenue recognition standard.

For performance obligations that are fulfilled at a point in time, revenue is recognized at the fulfillment of the performance obligation. For performance obligations satisfied over time, an entity must decide how to appropriately measure the progress and completion of the performance obligation. A performance obligation is satisfied when or as control of the good or service is transferred to the customer.

There are several issues companies should consider in applying step 5 of the standard:

  • Determining if a Performance Obligation is satisfied over time
  • Identifying indicators of transfer of control of goods/services
  • Utilizing input and output methods to measure the progress of revenue recognition
  • Understanding stand-ready obligations and how to apply discounts.

Within this online CPE course speaker, Lynn Fountain we will cover all the aspects of recognizing revenue.

Learning Objectives

  • To analyze step five: Recognize Revenue.
  • To explain how to recognize revenue satisfied over some time.
  • To identify criterion – simultaneous receipt and consumption, creation or enhancement of an asset controlled by the customer, and to recognize revenue over some time alternative use asset.
  • To explore an alternative use asset example.
  • To analyze how to recognize revenue over some time.
  • To examine how to manage revenue satisfied at a point in time.
  • To analyze how to measure the progress of performance obligations and properly recognize revenue.
  • To identify restrictions and principles for measuring progress.

Recommended For

  • This online CPE webinar is recommended for CPA, CMA, CIA, QIAL, IAP, CFE, CVA, ABV, CBA/MCBA, CGFM, FPAC, CFA, CIPM, CFF, CFIRS, CWS, Accounting, and Finance Professionals who want to learn the Step Five of the new revenue recognition standard.  

Who Should Attend?

  • Certificate in Investment Performance Management
  • Certified Fraud Examiner
  • Certified Management Accountant (CMA)
  • Certified Public Accountant (CPA)
  • Certified Valuation Analysts
  • Chartered Financial Analyst
  • CPA (Industry)
  • CPA - Large Firm
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2 General Credit of Accounting for Accountant/Bookkeeper/Tax Professionals
  • 2 CPD Credit of Financial Reporting for Accredited in Business Valuation (ABV)
  • 2 CPD Credit of Financial Reporting for Certified Financial Forensics (CFF)
  • 2 CPE Credit of Accounting for Certified Fraud Examiner (CFE)
  • 2 CPE Credit of Accounting for Certified Government Financial Manager (CGFM)
  • 2 CPE Credit of Financial Accounting for Certified Internal Auditors (CIA)
  • 2 CPE Credit of Financial Reporting for Certified Management Accountants (CMA)
  • 2 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
  • 2 CPE Credit of Financial accounting for Certified Valuation Analyst (CVA)
  • 2 PL Credit of Accounting for Chartered Financial Analyst (CFA)
  • 2 CPE Credit of Accounting for Internal Audit Practitioner (IAP)
  • 2 CPE Credit of Accounting for Qualification in Internal Audit Leadership (QIAL)
  • 2 PL Credit of Accounting for Certificate In Investment Performance Measurement (CIPM)
  • 2 CPE Credit of Financial accounting for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
  • 2 CRE Credit of Financial accounting concepts for Certified Corporate FP&A Professional (FPAC)
  • 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2 CE Credit for Certified Wealth Strategist (CWS)

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • Instructional Method :
    Group Internet Based
  • Pre-requisites :
    None
  • Advance Preparation :
    None

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.

Presenter

About Presenter

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. 


About Company

Lynn Fountain Consulting and Training

www.lynnfountain.net/

Ms. Fountain has become known as an international trainer on topics of Leadership, Internal Audit, Accounting, Finance, Ethics, Business Processes, Bookkeeping, Cybersecurity and Business Issues.  She has over 150 training topics that can be tailored to meet your needs.

Faq

FAQs content

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Revenue Recognition (ASC Topic 606): Recognize Revenue

PREMIUM

2 Credits

Subject Area

Accounting

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