Revenue Recognition - Contract Assessment ON DEMAND
Available Until
Your Desk
1.0 Credits
Member Price $29.00
Non-Member Price $33.00
Overview
This course provides an overview of the first step in the revenue recognition process - the identification of a contract with a customer. This includes a discussion of key definitions and considerations along with the detailed accounting guidance from ASC Topic 606. This course incorporates excerpts from the FASB’s basis for conclusions of the new revenue recognition standard as well as key excerpts from Big 4 revenue recognition guides in order to develop a comprehensive understanding of this step in the process.
Highlights
Changes Needed to Revenue Recognition. Approval of the Contract / Commitment to Performance. Identification of Each Party’s Rights. Identification of Payment Terms. Commercial Substance. Probability of Collection of Substantially all of the Contract Consideration.
Prerequisites
None.
Designed For
CPAs, CFOs, controllers, financial professionals, and auditors.
Objectives
List the five steps involved in the new revenue recognition model. Recognize the overall considerations involved in identifying whether a contract exists. Identify how collectability is assessed to determine whether a contract exists.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Kelen Camehl, Western CPE
Kelen is a recognized author and reviewer of CPE courses and has authored over 85 courses (225+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. His courses are available for purchase from many online CPE providers including the AICPA. Kelen has also remained involved in CPA exam content development for nearly 10 years and has authored more than a thousand multiple choice questions for various sections of the CPA exam. He also serves as an Editorial Advisor for the AICPA’s “Journal of Accountancy”.
Kelen has over 15 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Consultant with HP, Inc. in Dallas, TX. Most recently he was located in Budapest, Hungary on a three-year international assignment and served in the company’s Houston, TX location prior to this assignment. Prior to HP, he served in multiple accounting roles in the oil & gas industry with ConocoPhillips including technical accounting policy, SOX compliance, and internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors.
Non-Member Price $33.00
Member Price $29.00