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20WX-3154: COVID-19: Revenue Recognition Implications (Webinar)

Date Tuesday, March 30, 2021
Time 9:00am - 11:00am
Central Time
Location Online
CPE credits CPE 2.0
Field(s)
of study
Auditing - Technical (2.0)
Fees
Standard Member Fee $79.00
Standard Nonmember Fee $79.00
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Description

This webinar is one in a series providing cutting edge insight on the impact of the COVID-19 pandemic on accounting and audits. Allison Henry, CPA, CGMA, PICPA's Vice President of Professional and Technical Standards, will drill-down into how COVID-19 will impact revenue recognition particularly considering the FASB's recent activities relative to ASC 606 and whether the financial statements that you are analyzing are pre-or post ASC 606 implementation.

This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Who should take this program?

CPAs in public practice and members in industry

Major subjects

  • Thorough discussion of how implementation of ASC 606 and ongoing efforts to comply will be impacted as well as the latest FASB activity 
  • The impact of COVID-19 disruption on each step of the 5-step process Revenue recognition issues related to variable consideration such as refunds, rebates, and contract modifications 
  • Discuss potential impairment issues for contract assets
  • Sample financial statement presentation and disclosures

Learning objective(s)

  • Identify the basic requirements of ASC 606 such as the scope, effective dates, and the 5 Step model
  • Apply the FASB activities relating to ASC 606 and PPP Loans
  • Distinguish financing options to determine if considered a significant financing
  • Identify contract modifications
  • Distinguish between variable consideration versus contract modification
  • Determine and recognize the COVID-19 risk areas including assessing collectability, accounting for contract modification, changes in transaction prices versus price concessions, variable consideration, sales returns, financing component, contract costs and impairment and onerous contacts
  • Identify additional disclosures required based on COVID-19 considerations.

Notes:

Course code Code 20WX-3154
Sponsor CPA Crossings, LLC
NASBA ID#: 108744
Level Intermediate
Format Group Internet Based
Prerequisites Prereq. Knowledge of ASC 606, ASC 605, ASC 340 and auditing is helpful
Advance
prep
None
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