New
21WX-0250: COVID-19: Revenue Recognition Implications (Webinar)
If you have questions about this event, please call us at 952-831-2707.
Monday, April 12, 2021
10:00am - 12:00pm Central Time
2 CPE (2 technical)
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.
Major subjects
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Thorough discussion of how implementation of ASC 606 and ongoing efforts to comply will be impacted as well as the latest FASB activity
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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
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Discuss potential impairment issues for contract assets
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Sample financial statement presentation and disclosures
Learning objective(s)
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Identify the basic requirements of ASC 606 such as the scope, effective dates, and the 5 Step model
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Apply the FASB activities relating to ASC 606 and PPP Loans
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Distinguish financing options to determine if considered a significant financing
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Identify contract modifications
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Distinguish between variable consideration versus contract modification
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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
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Identify additional disclosures required based on COVID-19 considerations.
Who should take this program?
CPAs in public practice and members in industry
Fees
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