Webinar

Revenue Recognition Topic 606: Identify the Contract, Part 1

If you have questions about this event, please call us at 952-831-2707.

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On May 28, 2014, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) issued converged guidance on recognizing revenue in contracts with customers (ASC 606). The objective of the guidance is to establish principles to report useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue from contracts with customers. The new guidance provides several benefits to financial statement users.

This is one in a series of courses that outline the updated revenue recognition standard.

Major subjects

• Revenue Recognition

Learning objectives

• Recognize how elements of the new revenue recognition standard differ from the previous standard
• Explore various criteria in the step "Identify the Contract" including
• Approval/commitment of parties
• Identification of rights of parties
• Payment terms can be identified
• The contract has commercial substance
• Collection is probable
• Identify when a contract modification requires a new contract or can be combined with the original contract
• Explore accounting for non-contract modifications
• Explore accounting for contract modifications

Who should take this program?

• Accountants, CPAs, Finance Professionals, Internal Audit, External Audit  

Pricing

Our records indicate you are a nonmember. If you register, you will be charged $39.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.