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Revenue Recognition (ASC Topic 606): Allocate the Transaction Price to Performance Obligations

  • Accountant
  • CPA/ABV
  • CPA/CFF
  • CFE
  • CGFM
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • CFA
  • IAP
  • QIAL
  • CIPM
  • CBA/MCBA
  • FPAC
  • CFIRS
  • CWS

Published: September, 2022

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Adjusted market and Cost plus
    8 mins
  • Example Two adjusted market
    21 mins
  • Allocating variable consideration using adjusted market
    30 mins
  • Residual approach
    45 mins
  • Comparison to AS 605
    70 mins

Course Description

The new revenue recognition standard outlines five steps for proper compliance. On the surface, these steps seem simplistic. However, many considerations should be considered within each step based on your process and industry. 

Previous CPE webinars in this series have covered the standard at a high level and evaluated steps one and two of the standard. They are:

  • Understanding the Revenue Recognition Standard
  • Revenue Recognition: Considerations for Identify the Contract - Part One and Part Two
  • Revenue Recognition: Considerations for Performance Obligations – Part One and Part Two
  • Revenue Recognition: Considerations for Transaction Price – Part One and Part Two

This CPE Accounting webinar is designed to evaluate Step Four of the new model dealing with allocating the transaction price.  

The transaction price is the basis for measuring revenue. It is the amount of consideration the entity expects to be entitled to in exchange for transferring promised goods or services. The transaction price is allocated to performance obligations (PO) based on relative stand-alone selling price (SSP).  

The standard identifies three separate estimation methods that can be used to estimate stand-alone selling prices. These include the Market assessment approach; estimated cost-plus margin approach and residual approach. These approaches can also be utilized when considering how to allocate discounts and variable considerations.  

Within this online CPE course, speaker Lynn Fountain will cover the aspects of allocating the transaction price for revenue recognition.

Learning Objectives

  • To analyze step four of the revenue recognition model: Allocate the Transaction Price.
  • To identify examples of estimation approaches for SSP.
  • To explore the adjusted market assessment estimation approach.
  • To identify examples of the adjusted market assessment approach.
  • To explain the expected cost-plus margin approach.
  • To discuss some examples of the expected cost-plus margin approach.
  • To analyze the residual estimation approach.
  • To evaluate certain examples of the residual estimation approach.
  • To inspect how to allocate discounts.
  • To discuss variances between ASC 605 and ASC 606.
  • To analyze how to allocate variable consideration.

Recommended For

  • This online CPE webinar is recommended for CPA, CMA, CIA, QIAL, IAP, CFE, CVA, ABV, CBA/MCBA, CGFM, FPAC, CFA, CIPM, CFF, CFIRS, CWS, Accounting, and Finance Professionals who want to learn all the aspects of allocating the transaction price for revenue recognition.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Bookkeepers & Accountants & Tax Preparers
  • Certified Management Accountant (CMA)
  • Certified Practicing Accountant
  • Chartered Professional Accountant
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial CPA
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

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

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

Lynn Fountain, CRMA, CPA (US), CGMA, MBA

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. 

  • Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”.
  • Leading the Internal Audit Function
  • Ethics and the Internal Auditor’s Dilemma

Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials. 


About Company

Lynn Fountain Consulting and Training

www.lynnfountain.net/

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.

Faq

FAQs content

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