Revenue: The Five Steps-Topic 606-10

Thursday, September 30, 2021
Webcast or Webinar, Online
2:00 PM - 4:00 PM (opens at 1:30 PM) EST
2Credits
Accounting and Auditing

Registration is Closed

Online registration for this course is now closed. Please contact the Member Service Center at (800) 342-3197 if you wish to inquire about registering.

Members
$79.00 Regular Price
Non-Members
$109.00 Regular Price
Course Type: Webcast
Course Code: 21/07196737
Level: Overview
Vendor: California CPA Education Foundation
Field of Study: Accounting

Overview:

This course, the first in a three-course series, concentrates on the Five Steps approach as covered in ASC 606, Revenue from Contracts with Customers. With several FASB ASUpdates, ASC 606, Revenue from Contracts with Customers, public companies were required to implement after Dec. 15, 2017, and privately held companies and private nonprofits after Dec. 15, 2019. Now effective for most entities, it's time to review the topic and recent updates.

Objectives:

Outline the Five Steps to revenue recognition under ASC 606-10. Identify the contract. Determine if the performance obligation is satisfied over time or at a point in time. Explain the concept of variable consideration and calculate the amount of variable consideration, if any. Allocate the transaction price to the performance obligations. Recognize revenue. Review excerpts from a selection of public companies' revenue disclosures.

Major Topics:

FASB ASC 606 Revenue from Contracts with Customers and All recently released updates to ASC 606 Revenue from Contracts with Customers

Designed For:

CPAs, auditors, consultants, and financial and managerial professionals.

Prerequisite:

None.