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Revenue Recognition (ASC Topic 606): Case Scenarios Part 2

  • 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

  • Five step model
    6 mins
  • Identify the contract
    13 mins
  • Combining contracts
    27 mins
  • Exercise two identify the contract collectability
    42 mins
  • Step two performance obligations
    62 mins
  • Step five: Recognize revenue
    122 mins

Course Description

On May 28, 2014, the FASB and IASB issued converged guidance on recognizing revenue in contracts with customers. The objective of the guidance is to establish principles to report useful information to users of financial statements about the nature, amount, timing, and uncertainty of revenue from contracts with customers. The new guidance provides several benefits to financial statement users.  

Entities applying the new Accounting Standards Codification (ASC) Topic 606: Revenue from Contracts with Customers must follow five steps to revenue recognition:

  • Identify the contract with the customer
  • Identify performance obligations
  • Determine transaction price
  • Allocate the transaction price to performance obligations
  • Recognize revenue when each performance obligation is satisfied

Although these steps may seem simplistic at the surface, within each step are multiple components and considerations users must be aware of.  

This CPE course by Lynn Fountain will briefly outline each of the five steps and then works through various exercises and scenarios covering each of the steps. This is a second practice case study CPE course for the new five-step revenue recognition model. It utilizes separate examples from numerous industries to enhance the learning of the various concepts.

We will continuously monitor the new revenue recognition standard updates, be sure you’re subscribed to receive our latest Accounting webinars.

Learning Objectives

  • To explore step one “Identify the Contract” and identify solutions to exercises for step one.
  • To review step two “Performance Obligations” and identify solutions to exercises for step two.
  • To analyze step three “Determine the Transaction Price” and identify solutions to exercises for step three.
  • To discuss step four “Allocate the Transaction Price” and identify solutions to exercises for step four.
  • To examine step five “Recognize Revenue” and identify solutions to exercises for step five.

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 understand all the five steps of the new revenue recognition standard by evaluating different case scenarios.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Bookkeepers & Accountants & Tax Preparers
  • Certified Management Accountant (CMA)
  • Certified Public Accountant (CPA)
  • Chartered Certified Accountant (ACCA)
  • Chartered Professional Accountant
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

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

Additional details

  • Course Level :
    Basic
  • Credits :
    2.5
  • 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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