Published: September, 2022
COVID-19 and its related impact on the economic environment have raised numerous questions that affect almost every step of the updated standard. Those that have already implemented ASC 606 may need to review the terms of their contracts and adjust as necessary. Companies must recognize the impact and execute appropriate considerations within each step.
The pandemic could affect various aspects embedded within each step of an entity's revenue recognition process. It is critical to note the potentially significant impact that the COVID-19 crisis has brought to aspects of the revenue standard.
Some impacts within the various steps include:
Step 1: Identify the contract with a customer
Step 2: Identify performance obligations
Step 3: Determine the transaction price
Step 4: Allocate the transaction price
Step 5: Recognize Revenue
On May 28, 2014, the FASB completed its Revenue Recognition (RR) project issuing ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The guidance establishes principles to report information about the nature, timing, and uncertainty of revenue from contracts with customers. The standard affects all entities that have contracts with customers with some exclusion.
This CPE Accounting course will discuss basic concepts around each step of the revenue model and also implications that COVID-19 has surfaced.
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.
Owner, Lynn Fountain Consulting and Training
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.
Fountain obtained her BSBA from Pittsburg State University and her MBA from
Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.
Ms. Fountain has become known as an international trainer on topics of Leadership, Internal Audit, Accounting, Finance, Ethics, Business Processes, Bookkeeping, Cybersecurity and Business Issues. She has over 150 training topics that can be tailored to meet your needs.
Sep 26th, 2022
The class itself was good. The quiz at the end is extremely poorly written, and some of the questions are not consistent with the material presented. I encourage you to rewrite some of the questions.