Revenue: The Five Steps-Topic 606-10 WEBCAST

Overview

This course concentrates on the Five Steps approach as covered in ASC 606, Revenue from Contracts with Customers. With several FASB AS Updates, 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. With ASC 606 effective for most entities, it’s time to review the topic and recent updates.

Highlights

FASB ASC 606. Revenue from contracts with customers. FASB ASC 340-40. Other assets and deferred costs. All recently released updates to ASC 606.

Prerequisites

None.

Designed For

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

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.

Preparation

None.

Notice

None.

Leader(s):

Bobbe Barnes

Leader Bios

Bobbe Barnes

Bobbe M. Barnes, CPA, CGMA, CMA, CGFM Fair Oaks Ranch, TX

Bobbe is an educator and consultant with many years of professional experience in IFRS & US GAAP training around the world. Most recently, she developed the Certified International Professional Accounting certificate program, comprising training courses and examinations. Bobbe has worked in many countries including the USA, Central & Eastern Europe, Central Asia, Russia, Ukraine, China, Indonesia, Mongolia, and South Korea. She is a Certified Public Accountant (CPA), a Chartered Global Manangement Accountant, a Certified Management Accountant (CMA), and a Certified Government Financial Manager (CGFM).

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