Implementing the New Revenue Standard – ASC 606

Course Information

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Title: Implementing the New Revenue Standard – ASC 606
Category: Accounting and Auditing
Field of Study: Accounting
Course Code: A019-0264
CPE Credits: 8.0
Price: 59.95

Description

Description:

The objective of this course is to address the new revenue standard in ASC 606, Revenue from Contracts with Customers, and its related updates, and provide guidance to nonpublic (private) entities who are required to implement the standard starting in 2019. Topics include and overview of the new standard and its core principle, an analysis of each of the five steps required in the revenue model, selected issues encompassing principal versus agent considerations, dealing with warranties, bill-and-hold arrangements, and consignment transaction. The course also addresses how to account for contract costs, financial statement presentation of revenue-related accounts, disclosures, and transition methods and guidance.

Delivery Method: Online Interactive Self Study

Level: Overview

Prerequisites: None

Advanced Preparation: None

Course Details

Category: Accounting and Auditing

Field of Study: Accounting

Passing Score: 70%

Technical Details: Accounting is a technical field of study.

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Objectives

Objectives:

1. Identify an example of recognition of revenue prematurely 2. Identify one of the five steps to apply the new revenue standard 3. Recall a condition that must be met to identify a separate performance obligation 4. Identify methods authorized to estimate variable consideration in a contract 5. Recognize information that can be used to allocate the transaction price to performance obligations 6. Identify two methods that are used to record revenue in Step 5 of the revenue standard 7. Recognize how to account for the transfer of a product with a right to return 8. Recognize the requirement that must be met for a company be considered a principal in a revenue transaction 9. Recall the general rule that determines whether an entity should record revenue gross or net 10. Identify different types of warranties accounted for under the revenue standard 11. Identify different types of intellectual property subject to the licensing rules in the revenue standard 12. Recognize an example of a prepaid stored-value produ

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Profession

NASBA: Yes

QAS: Yes

CPA: Suitable for all CPAs

IRS: No IRS credit for Enrolled Agents.

Profession Identifiers: CPA