Kentucky Society of Certified Public Accountants

Overview

This course provides an overview of critical challenges companies encounter under ASC 606, emphasizing several key areas that can be particularly challenging for effective revenue recognition. This includes considerations relating to variable consideration and accounting for contract modifications. This course also addresses the accounting considerations related to significant financing components.

Prerequisites

None

Objectives

Recognize the importance of accurate estimation of variable payments for revenue recognition
Determine the effects of contract modifications on revenue recognition
Determine appropriate methods for estimating uncertain payment amounts
Distinguish between contracts with and without significant financing components
Select the appropriate revenue recognition method for a contract modification

Highlights

Modifications to product specifications
Requests for additional services
Alterations in delivery timelines
Constraining estimates
Different types of variable payments in contracts, including discounts, rebates, and bonuses

Register Now

Materials are generally available 3 days in advance of an event. Once you have downloaded the manual, we are unable to cancel your registration.

Event Code:

SUS0352

2 CPE Credits

Accounting: 2 Credits

Registration

Member Price:

$49

Non-member Price:

$69