Revenue Recognition: A Step-by-Step Expert’s Guide Webinar

To help CPAs and other financial professionals understand the latest accounting rules for Revenue Recognition. You’ll gain the confidence to comply with the core principles and 5-Step Process for recognizing revenue required by ASC 606. The course will also highlight differences with previous GAAP. Real-world examples and case studies will guide participants to practical solutions for their specific circumstances.

• Revenue from Contracts with Customers
  – Problem areas
  – Fraud detection and prevention
  – Recognizing revenue
• Scope of the Revenue Standard
• The 5-Step Revenue Model
  – Contract modifications
  – Applying series guidance
  – Performance obligations
  – Variable consideration constraint
  – Allocation
• Licenses
• Costs
• Adoption and Transition
  – Implementing practical expedients
  – Major differences between IFRS 15 and Topic 606
• Presentation and Disclosures
• TRG Issues
• Industry Issues
  – Aerospace & defense
  – Airlines
  – Asset management
  – Engineering & construction contractors
  – Entertainment & media
  – Gaming
  – Health care
  – Hospitality
  – Software & hi-tech
  – Telecommunications

To help CPAs and other financial professionals understand the latest accounting rules for Revenue Recognition. You’ll gain the confidence to comply with the core principles and 5-Step Process for recognizing revenue required by ASC 606. The self-study webinar will also highlight differences with previous GAAP. Real-world examples and case studies will guide participants to practical solutions for their specific circumstances.

DETAILED LEARNING OBJECTIVES

• Recognize the concerns leading up to the creation of the new revenue recognition standard

• Recognize the objectives of the new revenue recognition standard

• Identify the standard’s impact on financial reporting for taxes

• Identify the steps within the revenue recognition model

• Recognize the new judgments that will have to be made under the standard

• Recognize the criterion for a contract under the standard

• Identify the characteristics of multiple contracts that should be combined

• Recognize the characteristics of a contract modification that should be accounted for as a separate contract 

• Identify the characteristics of a separately identifiable performance obligation

• Identify the indicators of a transfer of control of underlying goods or services

• Identify the implications of revenue recognition on intellectual property licenses

• Identify the implications of revenue recognition on customer loyalty programs

• Recognize the proper treatment of nonrefundable up-front fees that do not relate to the transfer of a good or service

• Recognize the different forms of variable consideration

• Identify the accounting treatment of variable consideration under the standard

• Recognize the approach appropriate for estimating variable consideration

• Recognize the level at which the constraint on variable consideration should be applied

• Recognize the characteristics of optional purchases versus variable consideration

• Recognize the accounting treatment of noncash consideration received under the standard

• Identify whether a revenue contract contains a significant financing component 

• Identify the practical expedient applicable to a significant financing component

• Identify the characteristics of a principal versus agent role in revenue recognition

• Identify the method for allocating transaction price to a performance obligation

• Recognize the accounting treatment of variable consideration in the standard

• Identify the characteristics of the transfer of control of a good or service

• Identify criteria distinguishing control transferred over time versus a point in time

• Identify the accounting treatment of inestimable customer returns

• Identify the accounting treatment of a bill-and-hold arrangement

• Identify the disclosure requirements of nonpublic entities relative to public entities

• Revenue from Contracts with Customers
  – Problem areas
  – Fraud detection and prevention
  – Recognizing revenue
• Scope of the Revenue Standard
• The 5-Step Revenue Model
  – Contract modifications
  – Applying series guidance
  – Performance obligations
  – Variable consideration constraint
  – Allocation
• Licenses
• Costs
• Adoption and Transition
  – Implementing practical expedients
  – Major differences between IFRS 15 and Topic 606
• Presentation and Disclosures
• TRG Issues
• Industry Issues
  – Aerospace & defense
  – Airlines
  – Asset management
  – Engineering & construction contractors
  – Entertainment & media
  – Gaming
  – Health care
  – Hospitality
  – Software & hi-tech
  – Telecommunications