Skip to main content

ASC 606 Insights: Timing of Revenue Recognition and Principal vs. Agent Considerations 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 distinguishing between recognizing revenue over time versus at a point in time as well as principal versus agent considerations

Highlights

Measuring progress. Output methods. Input methods, and more.

Prerequisites

None.

Designed For

CPAs, CEOs, CFPs, and other accounting professionals.

Objectives

Identify factors that influence the determination of control transfer in a contract. Recognize implications of transferring control over time versus at a specific point in time. Distinguish between obligations that satisfy control transfer over time at a point in time. Determine the significance of contract terms in assessing when control transfers to a customer. Identify key factors that determine whether an entity acts as a principal or an agent. Recognize the impact of principal agent classifications on revenue recognition. Determine steps for accurately assessing principal and agent roles in revenue transactions. Recognize best practices for conducting principal agent evaluations.

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.

Return to Top

Non-Member Price $33.00

Member Price $29.00