Online-Live
Revenue Recognition Implementation and COVID-19 Challenges
Friday, November 26, 2021 | 2:30 pm - 4:30 pm
Course # 122349 | by CPA Crossings, LLC
Members SAVE $35
$79.00
Member
$114.00
Non-Member
Speakers: Allison Henry
Time: 2:30 pm - 4:30 pm
Total Credits: 2.0
Earn Up To: 2.0 AA credits
Level: Basic
Vendor: CPA Crossings, LLC

What you will learn

  • Identify the basic requirements of ASC 606 such as the scope, effective dates, and the 5 Step model
  • Determine how to account for risk areas including assessing collectability, accounting for contract modification, changes in transaction prices versus price concessions, variable consideration, sales returns, financing component, contract costs and impairment and onerous contacts
  • Identify additional disclosures required based on COVID-19 considerations.

Description

This webinar will highlight the basic requirements of the FASB ASC 606, Revenue from Contracts with Customers, including scope, effective dates, and recent FASB activities. The session will also explore practical implementation challenges, accounting for contract modifications, and how COVID-19 events could impact key assumptions related to recognition. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

 

Prerequisites:
Knowledge of ASC 606, ASC 605, ASC 340 and auditing is helpful

Advanced Preparation:
None

  • Implementation of the 5 step model outlined in ASC 606 as well as the latest FASB activity 
  • Revenue recognition issues related to the impact of collectability, variable consideration such as refunds, rebates, and contract modifications, significant financing, and onerous contracts.  
  • The impact of COVID-19 disruption on each step of the 5-step process
  • Sample financial statement presentation and disclosures
  • CPAs in public practice and members in industry

    • Allison Henry
    MICPA delivers the highest quality education experience. If you are not satisfied with your course, call us at 1.855.594.4273. We will make it right.