A Deep Dive into the New Revenue Recognition Standard Self-Study Webinar (9 Hours)

In this highly rated self-study webinar, America's leading experts will update you on recent developments and show you proven real-world strategies to implement the New Revenue Recognition Standard.

A Deep Dive into the New Revenue Recognition Standard Self-Study Webinar (9 Hours)

CPE Credit: 9 Hours

Price: $399.00

NASBA Field of Study: Accounting
 

 

Overview

In this self-study webinar, our presenters will update you on best practices for approaching all steps within the revenue recognition model, along with the latest developments and rulings from the FASB.
 

AGENDA HIGHLIGHTS


•  Revenue from contracts with customers

•  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  Self-Study.

Speakers

SPEAKERS


Shelley Klee Finn, Senior Principal/Director, Accounting Policies, DXC Technology

Mike Hoffman, CPE INC. Consultant

Detailed Learning Objectives

Identify the steps within the revenue recognition model

Identify the revenue contract criteria necessary for recognition

Identify the allowable forms of a revenue contract

Recognize the location of authoritative GAAP for collaborative agreements

Identify the characteristics of multiple contracts that should be combined

Recognize the collectability threshold for revenue recognition

Recognize the accounting treatment of price concessions

Recognize the accounting treatment of revenue recognition when collection is not probable at inception of the revenue contract

Identify the possible criteria for use of the portfolio practical expedient

Identify the key principle in identifying a performance obligation

Identify the characteristics of a separately identifiable performance obligation

Recognize the characteristics of a single performance obligation within a series of goods and services

Recognize indicators of a transfer of control of an underlying good or service satisfied at a point in time

Recognize the accounting treatment of shipping and handling activities that occur before control of a good or service is transferred to the customer

Identify the implications of revenue recognition on customer loyalty programs

Identify the implications of revenue recognition on free or discounted future products and services

Identify the basis on which variable consideration is estimated

Recognize the circumstances under which variable consideration should be included in the transaction price

Identify the level at which the constraint on variable consideration should be applied

Identify those factors that should be considered when assessing whether a contract contains a significant financing component

Identify the time threshold for utilizing the practical expedient allowing entities to disregard the time value of money when there is a significant financing component

Recognize the basis for which the transaction price is allocated to a separate performance obligation

Recognize the circumstances under which variable consideration should be allocated entirely to a single performance obligation

Identify the criteria indicating control is transferred over time

Identify the criteria indicating control of a product in a bill-and-hold arrangement

Recognize the distinction between a license of IP right-of-use or right-of-access under ASU 2016-10

Identify the circumstances under which the revenue of a distinct license is recognized over time

Identify the accounting treatment of contract fulfillment costs under ASC 340-40