ASC 606 Determining the Transaction Price

Welcome to myCPE

ASC 606 Determining the Transaction Price - Part 1

Revenue Recognition Series

Learning Objectives

To discuss the concepts that contribute to the transaction price.
To analyze considerations when evaluating transaction price.
To explore the concepts of variable consideration.
To identify methods to determine variable consideration.
To explore the concept of variability constraints.
To analyze what constitutes implied variability.
To practice your knowledge with examples.

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 courses 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
Revenue Recognition: Considerations for Identify the Contract - Part Two
Revenue Recognition: Considerations for Performance Obligations – Part One
Revenue Recognition: Considerations for Performance Obligations – Part Two

This online CPE Accounting webinar is designed to evaluate Step Three of the new model dealing with “Determining the Transaction Price.”

Determining transaction price is more difficult than it may first appear. 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. Determining transaction price requires the election of policies and significant use of judgment.

Completing this step for fixed-price contracts can be straightforward. However, the path becomes convoluted for variable-priced contracts. The Standard identifies three areas that affect the estimate of transaction price:

Nature of consideration
Timing of consideration
Amount of consideration

The new standard guides specific types of consideration. This CPE webinar is the first part of a two-part segment that will evaluate the various concepts involved in determining the contract price.

Have a look at Revenue Recognition Certificate Course, we have on our website authored by Lynn Fountain.

Overview

Transaction price

3 mins
Considerations in determining transaction price

8 mins
Methods to determine variable consideration

14 mins
Constrained example

24 mins
Implied variability

38 mins

Webinar Qualifies For

1.5 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
1.5 General Credit of Accounting for Accountant/Bookkeeper/Tax Professionals
1.5 CPE Credit of Financial Accounting for Certified Internal Auditors (CIA)
1.5 CPE Credit of Accounting for Certified Fraud Examiner (CFE)
1.5 CPE Credit of Financial Reporting for Certified Management Accountants (CMA)
1.5 CPE Credit of Financial accounting for Certified Valuation Analyst (CVA)
1.5 CPD Credit of Financial Reporting for Accredited in Business Valuation (ABV)
1.5 CPD Credit of Financial Reporting for Certified Financial Forensics (CFF)
1.5 PL Credit of Accounting for Chartered Financial Analyst (CFA)
1.5 CPE Credit of Accounting for Certified Government Financial Manager (CGFM)
1.5 CPE Credit of Accounting for Internal Audit Practitioner (IAP)
1.5 CPE Credit of Financial accounting for Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA)
1.5 CE Credit of Financial accounting concepts for Certified FP&A Professional (FP&A)
1.5 CPE Credit of Accounting for Qualification in Internal Audit Leadership (QIAL)
1.5 CPE Credit of Accounting for Iowa Licensed Public Accountant (IA-LPA)
1.5 PL Credit of Accounting for CIPM
1.5 CPE Credit of Accounting for Maine Licensed Public Accountant (ME-LPA)
1.5 CPE Credit of Accounting for Delaware Licensed Public Accountant (DE-LPA)

About Instructor

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.

Additional Information

Duration

1.5 Hours

Course Level

Basic

Instructional Method

QAS Self Study

Pre-requisites

None

Advance Preparation

None

FAQ’s

Click Here to View

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.

Ratings and Review

4.4

Excellent

Very Good

Average

Poor

Terrible

Sumithra Sripatham, CPA (US)

The content is very thorough and the examples provided are very helpful.

Max Davis,, CPA (US)

Fantastic

Marianne Coonley, CPA (US)

very informative

1.5 Credits

Add to Watchlist

Subject Area

Accounting

Unlimited Access Plan

Access to 12000+ Hours of Continuing Education Approved Content Know More

Subscribe to Access

Inclusions

Continuing Education Certificates for Multiple Qualifications View
Instant Certificates
Access on Mobile, Tablet and Desktop

Didn’t received verification email? Resend Email

Live Webinars

On Demand Webinars

Virtual Conferences

Specialized Packages

Advanced Certification Programs

myCPE Shorts Trending

Preparer Course

U.S. Individual Tax Preparer Course

U.S. Business Tax Preparer Course

Exam Prep Course

EA Exam Prep Course

CFP® Review Course

Teams Subscription (Per User)

Individual Subscription

Contact Sales Team

646-688-2884

inquiry@my-cpe.com

Schedule a Call

Flat $300 Off

Flat $640 Off

Flat $1000 Off

6 Million+

100K+

"Steven was knowledgeable and thorough…”

Crystal lovejoy

"Great Customer Service”

Lori corry

"It is what it advertised to be”

Brian Carey

"Great customer service”

Steve

Get 60% Off

Get 64% Off

Get 67% Off

Verification Code

ASC 606 Determining the Transaction Price - Part 1

Course Details

Learning Objectives

Course Description

Overview

Qualifies for

Webinar Qualifies For

Presenter Details

About Instructor

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

Other Details

Additional Information

1.5 Hours

Basic

QAS Self Study

None

None

FAQ’s

NASBA APPROVED

Ratings and Review

4.4

Sumithra Sripatham, CPA (US)

Max Davis,, CPA (US)

Marianne Coonley, CPA (US)

Subject Area

Unlimited Access Plan

Inclusions

Recommended Webinars

FASB: Forming an Opinion and Reporting on Financial Statements

FASB: Interim Financial Information

Sabotage: Understanding the risk, signs, symptoms and practical remedies

CFP^® Review Course