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Friday, April 9, 2021 Live Webcast

Revenue Recognition: Mastering the New FASB Requirements (X3-2206463)

9:00 AM - 5:00 PM EDT
webcast

Vendor Platform

8 CPE Credits in AA

OVERVIEW

This course also covers special considerations, such as warranties, licensing, acting as a principal versus an agent, incremental costs of obtaining a contract with a customer (FASB ASC 340-40, Other Assets and Deferred Costs—Contracts with Customers) and the extensive disclosure requirements along with a useful summary table. Supported by practical examples, this course includes the latest updates from FASB, industry-specific examples taken from the AICPA Audit and Accounting Guide Revenue Recognition and many disclosure illustrations.

DESIGNED FOR

Accountants in public practice and industry who need an update on the latest revenue recognition guidance.

BENEFITS

This course is intended to familiarize the learner with the core principles, requirements for presentation and disclosure, and special considerations of FASB ASC 606. When you complete this course you will be able to:
  • Recognize principles of revenue recognition.
  • Recognize requirements for identifying a contract with a customer.
  • Recognize performance obligations.
  • Recognize requirements for determining a transaction price.
  • Recognize requirements for allocating a transaction price.
  • Identify the requirements for recognizing revenue.
  • Recognize special considerations for implementing FASB ASC 606 and FASB ASC 340-40.
  • Recognize financial accounting and reporting requirements.

HIGHLIGHTS

The effective date of FASB ASC 606, Revenue from Contracts with Customers, is upon us! If you’re looking to master this new major standard, look no further. This course examines details of the five core principles to provide you with an in-depth understanding:
  • Go beyond the basics of step one, “Identify the contract with a customer” — explore collectibility, reassessment criteria and enforceable rights!
  • Move past the fundamentals of step two, “Identify the performance obligations in the contract” — learn about distinct goods or services and combining contracts!
  • Step ahead in step three, “Determine the transaction price” — examine refund liabilities, variable consideration, and accounting policy elections!
  • Rise above the basics of step four, “Allocate the transaction price to the performance obligations in the contract” — learn about stand-alone selling prices, allocation of a discount and changes in the transaction price!
  • Go all in with step five, “Recognize revenue when (or as) the entity satisfies a performance obligation” — determine whether to recognize revenue at a point in time or over time, and how to measure progress toward completion using the input or output method.

COURSE LEVEL

Intermediate

PREREQUISITES

Experience in the application of accounting standards.

ADVANCE PREPARATION

None

INSTRUCTOR

Renee Rampulla

Renee Rampulla, CPA, CGMA
(4.6)

Renee is the CEO and managing member of Rampulla Advisory Services. She has more than 30 years of professional experience as well as writes and lectures on technical accounting and auditing issues for continuing professional education (CPE) classes. Her experience in the auditing of public and privately held entities ranges from manufacturing and service sectors to financial services. She previously was a partner in a regional accounting firm in the northeast in charge of the firm’s accounting and auditing practice and quality control group. While working for the American Institute of CPAs (AICPA), she performed professional ethics investigations; collaborated closely with senior technical committees; presented technical guidance before standard setters; and authored and updated several AICPA publications. She is a five-time recipient of the AICPA’s Outstanding Instructor Award and a recipient of the 2016 New Jersey Society of CPAs “Women of Note." Renee is a national standard setter, who currently serves as a member of the AICPA’s Auditing Standards Board (ASB). She also has served as vice president of Professional Issues for the New York State Society of CPAs (NYSSCPA), is a past member of the NYSSCPA Executive Committee and former NYSSCPA Director at Large board member. Renee also served as the chair of the NYSSCPA’s Professional Ethics Committee from 2015 – 2017, and in 2018 was the president of the NYSSCPA’s Staten Island Chapter. She was previously an adjunct lecturer at Hunter College.

PRICING

$279.00 - Member

$339.00 - Nonmember

Pre-Registration Closed

Online pre-registration for this event is now closed.

ADDITIONAL OPTIONS

Print a registration form

COURSE DEVELOPER

AICPA/NJCPA