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Revenue Recognition (ASC Topic 606): Case Scenarios for Allocating the Transaction Price and Recognize the Revenue

  • 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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  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Estimation approach's
    8 mins
  • Expected cost plus margin
    29 mins
  • Residual approach
    36 mins
  • Variable consideration
    47 mins
  • Recognize revenue overtime
    57 mins
  • When output and input are inappropriate
    81 mins

Course Description

This CPE course is dedicated to the evaluation of case scenarios related to Step Four and Five of the revenue recognition model. Step Four entails “Allocating the Transaction Price to Performance Obligations” and Step Five entails “Recognizing Revenue”. 

Previous CPE courses have outlined each of the individual five steps of the model and provided case examples. We have also developed two broad case study courses that cover scenario examples for each of the five steps. In order to focus directly on aspects within each step, individual courses have been created with multiple case scenarios that apply to the individual given steps.

This CPE Accounting webinar includes the many considerations companies must take into account when determining how to allocate the transaction price to performance obligations and then move to the final step of recognizing revenue.

We review the concepts of allocation methods and methods to estimate stand-alone selling prices. We also discuss aspects involved in recognizing revenue including accounting for discounts, variable compensation, and how to recognize revenue over time versus at a point in time.

After taking this CPE course by Lynn Fountain you should be able to effectively apply your understanding of Step Four and Five of the revenue recognition model to specific scenarios within your business. Each learning objective listed utilizes multiple examples from various industries to help interpret and practice the concept.

Learning Objectives

  • To identify important components involved in Step Four – Allocate transaction price to PO.
  • To explore the various estimation approaches for determining SSP outlined by the standard.
  • To analyze how to allocate discounts between performance obligations.
  • To discuss concepts of variable consideration.
  • To evaluate elements of Step Five – recognize revenue.
  • To know how to recognize revenue over time vs. at a period.
  • To examine methods for measuring progress towards completion of a project including input method and output method.
  • To explain the concepts of enforceable right of payment.
  • To discuss components necessary when a right of return exists.

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 effectively apply their understanding of Step Four and Five of the revenue recognition model to specific scenarios within your business.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Certified Management Accountant (CMA)
  • Certified Practicing Accountant
  • Certified Public Accountant (CPA)
  • Chartered Certified Accountant (ACCA)
  • CPA (Industry)
  • CPA - Large Firm
  • CPA - Mid Size Firm
  • 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 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 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 PL Credit of Accounting for Certificate In Investment Performance Measurement (CIPM)
  • 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 CPD Credit of Financial Reporting for Accredited in Business Valuation (ABV)
  • 2 CPE Credit of Financial accounting for Certified Valuation Analyst (CVA)

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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