Revenue – Five Steps to Recognition

Before starting this self study progarm, please go through the Instructional Document.

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Course Details

Overview of Topics

  • 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

Webinar Qualifies for

  • 2 CPE credit of Accounting for all CPAs
  • 2 General Educational credit for Tax Professionals/Bookkeepers/Accountants

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

About Presenter

Kelen Camehl, MBA

Advisor,Kelen Camehl CPA

kelen.camehl@gmail.com

Kelen is a CPA with 15 years of progressive finance and accounting experience. Currently, he serves as a Senior Manager of Technical Accounting with HP, Inc. Prior to this role, he served in multiple accounting roles in the oil and gas industry with ConocoPhillips including technical accounting policy, SOX compliance, and global internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors in Houston, TX.

Kelen has remained actively involved in CPA exam content development for the past eight years and has authored over a thousand multiple-choice questions for various sections of the exam, attending workshops with the AICPA across the country each year. He also serves as an editorial advisor for the AICPA’s Journal of Accountancy as well as both an author and technical reviewer for continuing professional education (CPE) courses published by the AICPA. He also authors CPE courses and serves as a technical reviewer and revision editor for Wolters Kluwer (CCH Group) and WebCE as well as contributing to CPE course development for SmartPros. He also authors CPE courses for PDH Academy.

Kelen received his BBA in Accounting from Texas A&M University—Corpus Christi, TX and an MBA from the University of Texas—San Antonio. He is a CPA licensed in the state of Texas.


FAQ

  • myCPE self-study(text-based) courses are online.
  • The self-study(text-based) format allows you to access the material online 24/7 and study at your own pace.
  • As per NASBA guidelines, you have one year from date of registration to complete each program.
  • Complete your final exam at any time and get CPE Credit instantly. You can retake the exam multiple times without any additional charges.
  • Course have minimum passing score of 70% and test takers will not be provided feedback on failed exams.
  • Upon achieving a passing score, test takers will be notified of the correct answers to the questions missed.

Refund/Cancellation Policy

  • For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128
  • Please email to   help@my-cpe.com  in case of any self study program queries.

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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.

On-Demand Webinars

GUIDE TO DEPRECIATION UNDER THE TCJA
Wednesday, July 29, 2020 View Details/Register
PAYROLL FRAUD INFORMATION AND DISCUSSION
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Forecasting in a Time of Uncertainty (COVID-19)
Tuesday, July 28, 2020 View Details/Register
TAX IMPLICATIONS AND PLANNING DUE TO COVID-19
Tuesday, July 28, 2020 View Details/Register
UBIT Under The TCJA
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Tax Planning Under Tax Cuts & Job Act : 10 Tips to Reduce Taxes for your Clients
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Tax Consequences on the CARES Act – Overview of major tax issues from the CARES Act and related notice including planning tec
Monday, July 27, 2020 View Details/Register
CECL Overview
Monday, July 27, 2020 View Details/Register
Accounting for Business Combinations Overview
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Accounting Principle Changes
Monday, July 27, 2020 View Details/Register
CIRCULAR 230
Monday, July 27, 2020 View Details/Register
UNDERSTANDING THE ENTITIES: PLANNING AND COMPLIANCE
Monday, July 27, 2020 View Details/Register
BEYOND WORKING REMOTELY – CASE STUDIES | BENEFITS | CHALLENGES FOR ACCOUNTING & TAX FIRMS.
Friday, July 24, 2020 View Details/Register
Excel Accountant: Auditing Excel Workbooks
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Friday, July 24, 2020 View Details/Register
  • Cost $30
  • CPE Credits 2
  • Subject Area Accounting
  • Course Level Basic
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Published Date July 30 ,2020
  • Who should attend? Accountant CPA - Small Firm CPA - Mid Size Firm Accounting Firm CPA (Industry) Young CPA CPA in Business Entrepreneurial CPA Tax Accountant (Industry) Accounting Practice Owners Senior Accountant Accounts Director Chief Accounting Officer Accounting Managers Staff of Accounting Firm
  • Handout Material Download
  • Key Terms Download

On-Demand Webinars

GUIDE TO DEPRECIATION UNDER THE TCJA
Wednesday, July 29, 2020 View Details/Register
PAYROLL FRAUD INFORMATION AND DISCUSSION
Wednesday, July 29, 2020 View Details/Register
Forecasting in a Time of Uncertainty (COVID-19)
Tuesday, July 28, 2020 View Details/Register
TAX IMPLICATIONS AND PLANNING DUE TO COVID-19
Tuesday, July 28, 2020 View Details/Register
UBIT Under The TCJA
Tuesday, July 28, 2020 View Details/Register
Tax Planning Under Tax Cuts & Job Act : 10 Tips to Reduce Taxes for your Clients
Tuesday, July 28, 2020 View Details/Register
Tax Consequences on the CARES Act – Overview of major tax issues from the CARES Act and related notice including planning tec
Monday, July 27, 2020 View Details/Register
CECL Overview
Monday, July 27, 2020 View Details/Register
Accounting for Business Combinations Overview
Monday, July 27, 2020 View Details/Register
Accounting Principle Changes
Monday, July 27, 2020 View Details/Register
CIRCULAR 230
Monday, July 27, 2020 View Details/Register
UNDERSTANDING THE ENTITIES: PLANNING AND COMPLIANCE
Monday, July 27, 2020 View Details/Register
BEYOND WORKING REMOTELY – CASE STUDIES | BENEFITS | CHALLENGES FOR ACCOUNTING & TAX FIRMS.
Friday, July 24, 2020 View Details/Register
Excel Accountant: Auditing Excel Workbooks
Friday, July 24, 2020 View Details/Register
Excel Accountant: Beyond VLOOKUP
Friday, July 24, 2020 View Details/Register