ASC 606 Insights: Contract Identification and Performance Obligations ON DEMAND
Available Until
Your Desk
2.0 Credits
Member Price $29.00
Non-Member Price $33.00
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 and determining performance obligations.
Highlights
Multiple contracts with same customer. Enforceability and payment terms. Contract modifications. Cancellations or terminations. Determining performance obligations. Understanding performance obligations. Promised goods or services. Bundled offerings. Changes in customer requirements. Long-term contracts.
Prerequisites
None.
Designed For
CPAs, CEOs, CFPs, and other accounting professionals.
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. Identify distinct performance obligations within contracts under ASC 606. Recognize the criteria for determining if goods or services are separately identifiable. Differentiate between bundled offerings and individual performance obligations. Determine the impact of customization on performance obligations in contracts. Recognize the impact of changes in customer requirements on performance obligations.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Kelen Camehl, Western CPE
Kelen is a recognized author and reviewer of CPE courses and has authored over 85 courses (225+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. His courses are available for purchase from many online CPE providers including the AICPA. Kelen has also remained involved in CPA exam content development for nearly 10 years and has authored more than a thousand multiple choice questions for various sections of the CPA exam. He also serves as an Editorial Advisor for the AICPA’s “Journal of Accountancy”.
Kelen has over 15 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Consultant with HP, Inc. in Dallas, TX. Most recently he was located in Budapest, Hungary on a three-year international assignment and served in the company’s Houston, TX location prior to this assignment. Prior to HP, he served in multiple accounting roles in the oil & gas industry with ConocoPhillips including technical accounting policy, SOX compliance, and internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors.
Non-Member Price $33.00
Member Price $29.00