Overview
In this webinar, our presenters will update you on all of the latest, proven best practices for implementing the New Revenue Recognition Standard, along with the latest developments and rulings from the FASB.
AGENDA HIGHLIGHTS
• Scope of ASC Topic 606 and IFRS 15
– Lease and insurance contracts
– Nonmonetary exchanges between entities
– Financial instruments
• The AICPA’s industry-specific task forces
• Revenue from contracts with customers
• New Standard core principals
• The new 5-step Revenue Recognition Model
– Step 1: identify contract with customer
– Step 2: identify performance obligations in contract
– Step 3: determine transaction price
– Step 4: allocate transaction price
– Step 5: recognize revenue
• Enforceable by law
• Collaboration agreements and customer definition
– Free trial periods
– Prepaid spending account
– Proceeds on settlement of patent infringement
• Collectability criteria and price concessions
• Asset derecognition
• Termination provisions
• Portfolio practical expedient
• Multiple contracts with interdependent pricing
• Accounting for services AFTER contract expiration
• Shipping and handling
• Option to acquire additional goods or services
• Standalone Selling Price (SSP)
• Stand-ready promises
• Bill-and-hold arrangements
• Warranties
LEARNING OBJECTIVE To provide you with a thorough explanation of the ins and outs of the New Revenue Recognition Standard
and how best to handle key issues that may arise.
PREREQUISITE None. ADVANCE PREPARATION None. PROGRAM LEVEL Update. NASBA FIELD OF STUDY Accounting.
DELIVERY METHOD Group Internet-Based.
A self-study webinar covering the five steps to revenue recognition is also available
A Deep Dive into the New Revenue Recognition Standard Self-Study Webinar (9 Hours)
Speakers
SPEAKERS
Shelley Klee Finn, Senior Principal/Director, Accounting Policies, DXC Technology
Mike Hoffman, CPE INC. Consultant
Workshop
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Forum
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