Overview
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Implementation issues - Revenue
15 mins
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Identify the contract with a customer
35 mins
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Identify the performance obligations in the contract
40 mins
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Recognize revenue when the entity satisfies a performance obligation
58 mins
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Measuring revenue over time
70 mins
Course Description
On May 28, 2014, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) jointly issued Accounting Standards Codification (ASC) 606, regarding revenue from contracts with customers.
ASC 606 provides a uniform framework for recognizing revenue from contracts with customers. The old guidance was industry-specific, which created a system of fragmented policies. The updated revenue recognition standard is industry-neutral and, therefore, more transparent. It allows for improved comparability of financial statements with standardized revenue recognition practices across multiple industries.
For years, revenue recognition has been the cause of audit failures and the focus of corporate abuse and fraud allegations. Today, we have FASB ASC 606, a new standard that is critical to understand before it can be successfully implemented.
The new revenue recognition standard has been implemented by all entities. The implementation process was long, detailed, controversial, and full of uncertainty. The principles-based standard requires analysis and discussions about various approaches. In many cases, issues raised were not anticipated and met with disagreement.
This CPE Accounting course will address many issues that were raised and discuss many areas that require detailed analysis. It will focus on what companies have learned in implementing the standard.
The focus will be on the application of the five steps in revenue recognition:
- What constitutes a contract
- Determination of performance obligations
- Computation of the transaction price
- Allocation of the transaction price
- Recognition of revenue
With a few years under their belt since Topic 606’s introduction, most organizations have a good handle on the provisions of the new guidance. Those who implemented early can now focus their attention on refining their documentation, while later adopters benefit from some of the lessons learned that are now becoming best practices for successful implementation.
You might be looking for a course on IFRS.
Learning Objectives
- To study the concepts in revenue recognition.
- To determine when a contract that involves revenue should be recognized.
- To be able to identify performance obligations.
- To be able to compute the transaction price.
- To study how to properly recognize revenue under Topic 606.
Recommended For
- This Online CPE course is intended for CPA, CMA, CIA, CVA, IAP, QIAL, CBA/MCBA, CFO, CEO, business owners, business managers, corporate accountants, and other accounting professionals desiring to understand the Revenue Recognition Principle.
- This CPE webinar is recommended for Finance professionals, CEOs, Accounting Officers, Financial Reporting Directors, and Other Professionals involved in the implementation of the Revenue Standard.
Who Should Attend?
- Accountant
- Accounting Firm
- Accounting Managers
- Accounts Director
- Auditors
- Business Owner
- Certified Fraud Examiner
- Certified Management Accountant (CMA)
- Certified Valuation Analysts
- Cloud Accountants
- CPA - Mid Size Firm
- CPA - Small Firm
- CPA in Business
- Staff of Accounting Firm
- Young CPA