Revenue – Five Steps to Recognition | Accounting CPE Webinar

Before starting this self study program, please go through the instructional document.

Course Description
Course Qualification
Presenter
FAQ

Course Description

Overview

Scope of ASC 606
The Main Provisions
Identify the Contract(s) with a Customer
Identify the Performance Obligations in the Contract
Determine the Transaction Price
Allocate Transaction Price to Performance Obligations
Recognize Revenue When (or as) the Entity Satisfies a Performance Obligation

Course Description

For years, revenue recognition has been the cause of audit failures and the focus of corporate abuse and fraud allegations. Today, we have FASB ASC 606, a new standard which is critical to understand before it can be successfully implemented.

This course provides an overview of the new revenue recognition standards prescribed by the Financial Accounting Standards Board (FASB) issued in May 2014. The new standards are effective for public business entities for annual reporting periods after December 1, 2017, including interim periods within that reporting period.

Highlights of the webinar :

Accounting for Contracts when Criteria is not met
Portfolio Level vs. Contract-by-Contract Basis
Promised Goods or Services
Determine the Transaction Price
Constraining Estimates of Variable Consideration
Noncash Consideration
Allocate Transaction Price to Performance Obligations
Recognize Revenue When (or as) the Entity Satisfies a Performance Obligation

Learning Objectives

To identify the five steps involved in the new revenue recognition model
To recognize the considerations involved in identifying whether a contract exists
To identify the considerations involved with measuring the transaction price
To recognize the steps involved in allocating the transaction price to performance obligations

Who Should Attend?

Accountant
Accounting Firm
Accounting Managers
Accounting Practice Owners
Accounts Director
Chief Accounting Officer
CPA (Industry)
CPA - Mid Size Firm
CPA - Small Firm
CPA in Business
Entrepreneurial CPA
Senior Accountant
Staff of Accounting Firm
Tax Accountant (Industry)
Young CPA

Course Qualification

Webinar Qualifies For

2 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
2 CE Credit for Certified Wealth Strategist (CWS)
2 General Credit for Accountant/Bookeeper
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 for Certified Government Financial Manager (CGFM)
2 CPE Credit for Certified Internal Auditors (CIA)
2 CPE Credit for Certified Valuation Analyst (CVA)
2 PL Credit for Chartered Financial Analyst (CFA)
2 CPE Credit for Internal Audit Practitioner (IAP)
2 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
2 PL Credit for Certificate In Investment Performance Measurement (CIPM)
2 CPE Credit for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
2 CRE Credit for Certified Corporate FP&A Professional (FPAC)
2 CPE Credit of Accounting & Auditing for Certified Management Accountants (CMA)

Additional details

Course Level :

Basic
Credits :

2
Instructional Method :

QAS Self Study
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

Kelen Camehl, CPA (US), MBA

Advisor, Kelen Camehl CPA

Kelen is a recognized author and reviewer of CPE courses and has authored over 85 courses (225+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. His courses are available for purchase from many online CPE providers including the AICPA. Kelen has also remained involved in CPA exam content development for nearly 10 years and has authored more than a thousand multiple choice questions for various sections of the CPA exam. He also serves as an Editorial Advisor for the AICPA’s "Journal of Accountancy".

Kelen has over 15 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Consultant with HP, Inc. in Dallas, TX. Most recently he was located in Budapest, Hungary on a three-year international assignment and served in the company’s Houston, TX location prior to this assignment. Prior to HP, he served in multiple accounting roles in the oil & gas industry with ConocoPhillips including technical accounting policy, SOX compliance, and internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors.

About Company

Kelen Camehl CPA

www.linkedin.com/in/kelencamehl

Faq

FAQs content

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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.
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