Overview
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Who is affected by the amendments in ASC 606?
9 mins
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Standalone selling price
16 mins
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Disclosure requirements
31 mins
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Criteria for identifying the contract
40 mins
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Accounting for a contract modification
55 mins
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Determining the transaction price
73 mins
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Disaggregation of revenue
84 mins
Course Description
How we account for the revenue related to construction contracts (and similar contracts) is changing in a fundamental way.
FASB recently introduced ASC 606 with new rules for revenue recognition (Revenue from Contracts with Customers).
“Earning” revenue will no longer be based strictly on invoices to customers. Instead, it will be proportional to the level of extinguishment of contract performance obligations.
We will walk you through the step-by-step process of revenue recognition as prescribed by the new standard. Disclosure and documentation will be discussed.
Because ASC 606 recommends percentage-of-completion for long-term construction contracts (and similar contracts). we will provide you with a detailed example and explain to you all the figures, calculations, and concepts.
Major topics covered in this Accounting CPE webinar:
- Introduce the new core principles of revenue recognition.
- Know how to identify and define a construction or similar contract.
- Understand the concept of performance obligations.
- Determining and allocating a transaction price.
- 5-step process for recognizing construction revenue.
- Disclosure requirements.
Learning Objectives
- To recognize the strengths of the new revenue requirements.
- To describe the more robust framework for addressing revenue issues.
- To discuss the 5-step approach to revenue recognition.
- To explain how to recognize and account for performance obligations and its related revenue.
- To review how to apply FASB ASC 606 to construction and similar contracts.
Recommended For
- This CPE course is recommended for CPAs, CMAs, CIAs, and Other Accounting and Auditing Practitioners at all levels desiring to understand the challenges in applying Topic 606 to entities with long-term construction projects.
Who Should Attend?
- Accountant
- Accounting and audit managers/practitioners
- Accounting Firm
- Accounting Managers
- Accounting Practice Owners
- Accounts Director
- Assistant Controllers
- Auditors
- Business Owner
- CEO
- Certified Public Accountant (CPA)
- Chief Accounting Officer
- CPA (Industry)
- CPA - Mid Size Firm
- CPA - Small Firm
- Director of Accounting
- Staff of Accounting Firm
- Young CPA