Published: September, 2022
Investors and other financial statements have provided comments to the SEC on revenue-related disclosures. They felt the standard did not provide sufficient detail to perform a detailed analysis. One of the goals of the new standard is to introduce disclosure requirements that improve the information communicated in financial statements.
The new standard requires additional disclosures to better communicate the nature, amount, timing, and uncertainty of an entity’s revenue and cash flows (ASC 606-10-50-1).
Filers are required to provide qualitative and quantitative information about the following:
An entity is required to disclose revenue recognized from contracts with customers as well as impairment losses on any contract assets arising from those contracts. Disclosure is required unless these amounts are presented separately on its financial statements. The standard also requires information about disaggregation of revenue, contract balances, and performance obligations.
This CPE Accounting webinar will deal directly with disclosure requirements for the standard.
Several courses currently exist on our platform related to an overview of the standard and deep dive into individual steps of the standards. CLICK HERE to access them.
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.
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.
Fountain obtained her BSBA from Pittsburg State University and her MBA from
Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.
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.