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Revenue Recognition (ASC Topic 606): Disclosure Requirements

  • 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

  • Quantitative/Qualitative Disclosures
    13 mins
  • Contract balances
    20 mins
  • Remaining performance obligations
    37 mins
  • Example quantitative disclosure contract B
    42 mins
  • Contract assets and Liabilities
    58 mins

Course Description

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:

  • Contracts with customers
  • Significant judgments made in applying the new standard
  • Assets recognized from the costs to obtain or fulfill a contract

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.

Learning Objectives

  • To inspect why more robust disclosure requirements are needed.
  • To evaluate components of contract balances required to be disclosed.
  • To explore components of performance obligations required to be disclosed.
  • To identify components of significant judgments that must be disclosed.
  • To analyze components of the transaction price that must be disclosed.
  • To examine assets recognized from costs to obtain or fulfill a contract that must be disclosed.  
  • To discuss components that must be reported in interim reporting.

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, and Other Professionals who want to learn about disclosure requirements of the new revenue recognition standard.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Bookkeepers & Accountants & Tax Preparers
  • Certified Management Accountant (CMA)
  • Certified Practicing Accountant
  • Certified Public Accountant (CPA)
  • 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

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

Additional details

  • Course Level :
    Basic
  • Credits :
    1.5
  • 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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