ASC 606 Application in Complex Business Situations - Part 2 2.5 Credits
Revenue Recognition Series
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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. Â
Entities applying the new Accounting Standards Codification (ASC) Topic 606: Revenue from Contracts with Customers must follow five steps to revenue recognition:
Although these steps may seem simplistic at the surface, within each step are multiple components and considerations users must be aware of. Â
This CPE course by Lynn Fountain will briefly outline each of the five steps and then work through various exercises and scenarios covering each of the steps. This is a second practice case study CPE course for the new five-step revenue recognition model. It utilizes separate examples from numerous industries to enhance the learning of the various concepts.
We will continuously monitor the new revenue recognition standard updates, be sure you’re subscribed to receive our latest Accounting webinars.Â
Have a look at Revenue Recognition Certificate Course, we have on our website authored by Lynn Fountain.
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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.
Ms.
Fountain obtained her BSBA from Pittsburg State University and her MBA from
Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.

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We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
Great examples that enforce the ASC Topic 606 are appreciated. A 5 minute break half way through the session would be most appreciated. If the speaker needs more time, then schedule additional time. The mind can only absorb what the body can withstand.
BC
Lynn gave great examples.
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