What We’ve Learned from Implementation of the Revenue Standard

  • Accountant
  • CPA/ABV
  • CPA/CFF
  • CFE
  • CGFM
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • CFA
  • IAP
  • QIAL
  • CIPM
  • CBA/MCBA
  • FPAC
  • CFIRS
  • CWS

Published: June, 2022

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  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Implementation issues - Revenue
    15 mins
  • Identify the contract with a customer
    35 mins
  • Identify the performance obligations in the contract
    40 mins
  • Recognize revenue when the entity satisfies a performance obligation
    58 mins
  • 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

Course Qualification

Webinar Qualifies For

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

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • 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

Kenneth Heaslip

Director, Cullari Carrico, LLC

Kenneth Heaslip, MS, MBA, CPA, CGMA, licensed as a CPA in New Jersey, has extensive experience teaching all levels of accounting, auditing, and in other practice-related areas. He is an active member of the New Jersey Society of CPAs where he has served as Vice President, Trustee, Chapter President, Committee Chair and Task Force Chair. Kenn currently serves on the NJCPA Professional Conduct Committee and is a Director at Cullari Carrico LLC, a regional CPA firm in Northern New Jersey.

Kenn has been a Professor of Accounting at several universities including Seton Hall where he was the students’ choice as “Educator of the Year” two years in a row, and in the Executive MBA programs of Rutgers University and Stevens Institute.  He was recently a visiting professor at Mercy College. He previously was the National Director of the Becker CPA Review in charge of all course materials and instruction.

Kenn earned his B.A. from Rutgers University and has an MS in Taxation and MBA in Finance from Seton Hall University.

About Company

Cullari Carrico, LLC

www.cullaricarrico.com

Cullari Carrico, LLC is a well-established quality certified public accounting firm. For decades, our partners have offered a fully diversified range of services and expertise to both business and individual clients.

Our firm provides complete tax, accounting, auditing, management and personal consulting services to a wide range of businesses as well as individual clients. We have concentrated knowledge in numerous areas including real estate management and construction, manufacturing and wholesale distribution, private schools for students with disabilities, medical and health care, veterinary, non profits, hospitality and various other service industries. In addition, we also provide advisory services.

We are proud to have received the highest possible ranking from the Peer Review Program of the American Institute of Certified Public Accountants. This places our firm amongst the leaders of our industry. Our dedicated professional staff are at your service to address all your business and personal tax needs.

In the September 2020 issue of Accounting Today, Cullari Carrico, LLC was named as, “2020 Best Accounting Firms to Work For.”

Faq

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