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 identifying valid contracts, determining performance obligations, assessing variable consideration, and distinguishing between recognizing revenue over time versus at a point in time. The course also covers principal versus agent considerations, accounting for contract modifications, licensing arrangements, and disclosure requirements.

Prerequisites

None

Objectives

Identify the criteria for contract validity under ASC 606
Recognize complexities in multiple contracts with the same customer
Determine the effects of contract modifications on revenue recognition
Differentiate between contract cancellations and terminations
Recognize the criteria for determining if goods or services are separately identifiable
Determine the impact of customization on performance obligations in contracts
Identify different types of variable payments in contracts, including discounts, rebates, and bonuses

Highlights

Types of performance obligations
Bundled offerings
Customizations
Modifications to product specifications
Requests for additional services
Alterations in delivery timelines
Long-term contracts
Enforceability and payment terms

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:

SUS0442

8 CPE Credits

Accounting: 8 Credits

Registration

Member Price:

$159

Non-member Price:

$209