ASC 606 – All you need to know about the new Revenue Recognition rules for long-term construction and similar contracts

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Course Description
Course Qualification
Presenter
FAQ

Course Description

Overview

Who is affected by the amendments in ASC 606?

9 mins
Standalone selling price

16 mins
Disclosure requirements

31 mins
Criteria for identifying the contract

40 mins
Accounting for a contract modification

55 mins
Determining the transaction price

73 mins
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

Course Qualification

Webinar Qualifies For

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

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

Michel Morley

Founder, Mike Morley

Mike Morley is a Certified Public Accountant and a recognized authority in the field of finance with more than 25 years experience in finance, including SOX and IFRS implementation.

An entertaining and informative speaker and trainer, Mike is the author of:

“IFRS Simplified” which provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS.

“Sarbanes-Oxley Simplified” which is an easy-to-read explanation of the requirements of the U.S. legislation that makes CEO's & CFO's personally responsible for the accuracy of their company's financial statements.

“Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate.

Faq

FAQs content

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