Overview
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Identifying the Contract – Product Delivered Without a Written Contract
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Identification of Payment Terms – Construction Industry (BC39)
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Consideration of Advance Payments
Course Description
In this online CPE course for CPAs and other accounting professionals, all pronouncements are covered at an overview level to provide attendees with insights into the accounting guidance for all revenue arising from contracts with customers.
This Online CPE course provides an overview of the first step in the revenue recognition process – the identification of a contract with a customer. It includes a discussion of key definitions and considerations along with the detailed accounting guidance from ASC Topic 606. This online Accounting CPE course incorporates excerpts from the FASB’s basis for conclusions of the new revenue recognition standard and key excerpts from Big 4 revenue recognition guides to develop a comprehensive understanding of this step in the process.
This Accounting CPE Course provides an overview of the accounting, reporting, and disclosure requirements related to Revenue Recognition in the case of Contract as prescribed by ASC Topic 606.
This Online Continuing Professional Education Course includes following key topics:
- Background of ASC Topic 606.
- Changes Needed to Revenue Recognition
- Criteria to meet for Recognition of Revenue
- What if Contract criteria is not met?
- Combining Contracts
- Contract Modification
Learning Objectives
- To discuss reasons for the improvement in previous revenue recognition guidance
- To identify five steps involved in the new revenue recognition model
- To define Contract
- To recognize the overall considerations involved in identifying whether a contract exists
- To identify how collectability is assessed to determine whether a contract exists