Revenue Recognition: Satisfying Performance Obligations and Special Considerations

Tuesday, October 25 1:00pm - 2:30pm

(Check-In 12:55pm)

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2.00 Credits

Member Price $79.00

Price will increase by $10 after 10/18

Non-Member Price $114.00

Price will increase by $10 after 10/18

Overview

This course addresses step five of the five-step process for revenue recognition under FASB ASC 606, Revenue from Contracts with Customers. Step five deals with identifying when the transfer of control occurs under FASB ASC 606 and whether a performance obligation is satisfied at a point in time or over time. This course also moves beyond step five to address special considerations, such as licensing, warranties and principal versus agent determinations. In addition to these specialconsiderations, this course also deals with identifying requirements for recognizing incremental costs of obtaining a contract with a customer in accordance with FASB ASC 340-40, Other Assets and Deferred Costs - Contracts with Customers.

Objectives

  • Identify when the transfer of control to the customer occurs under FASB ASC 606
  • Identify when a performance obligation has been satisfied at a point in time under FASB ASC 606
  • Identify when a performance obligation has been satisfied over time under FASB ASC 606
  • Identify when revenue associated with a license is recognized at a point in time or over time under FASB ASC 606
  • Identify when a warranty represents a separate performance obligation or a guarantee under FASB ASC 606
  • Identify the difference between an entity acting as a principal and an agent in a transaction with a customer under FASB ASC 606
  • Identify requirements for recognizing incremental costs of obtaining a contract with a customer in accordance with FASB ASC 340-40

Highlights

  • Transfer of control
  • Performance obligations satisfied at a point in time
  • Performance obligations satisfied over time
  • Measuring progress toward complete satisfaction of a performance obligation
  • Licensing
  • Warranties
  • Principal versus agent
  • Incremental costs of obtaining a contract with a customer

Designed For

Accountants and finance professionals who need an update on the latest revenue recognition guidance.

Prerequisites

None

Preparation

None

Notice

By registering for this program and, accordingly, receiving the eMaterials, you’re acknowledging that you understand both the copyright restrictions on your eMaterials and the CTCPA cancellation policy.

Leader(s):

Leader Bios

Joann Cross

Joann Noe Cross. PhD, CPA, CMA, CGFM, CGMA Oshkosh, Wisconsin

Joann Noe Cross is an Emeritus Professor of Accounting at the University of Wisconsin-Oshkosh. Her research interests are in accounting history and the uses of financial information. Joann is a member of numerous professional and academic organizations. She is also active in her community, having served in the past as Treasurer of the local United Way and currently serving on the Board of several small charities. In addition, Dr. Cross presents numerous accounting and auditing seminars around the country, speaks at various conferences throughout the year, and maintains an active consulting practice. In 2015 and 2016, she received the Surgent Outstanding Discussion Leader Award because of her consistently high evaluations for knowledge and presentation skills. Joann received her B.S. in Mathematics from the University of Wisconsin-Madison and her Ph.D. in Accountancy from the University of Illinois-Urbana.

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Non-Member Price $114.00

Member Price $79.00