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Revenue – Five Steps to Recognition

4.3 (9)

Kelen Camehl, CPA (US), MBA

Kelen Camehl CPA

  • CPA (US)

Published: March, 2021

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

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

Testimonial

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