Purchase Course

Revenue Recognition Fundamentals   

8

Estimated CPE
Tuition
$1,395.00
Course Number
19-IL-351-EE
Hotel / Venue Details
View Details
8

Estimated CPE
Tuition
$1,395.00
Course Number
19-IL-351-EE
Hotel / Venue Details
View Details

Special Discounts

In conjunction with your registration, participants will automatically be enrolled into Revenue from Contracts with Customers – Overview. The completion of this complimentary, CPE-eligible self-study will allow for all participants to attend the course with equivalent advance knowledge.

In addition, registrants of Revenue Recognition Fundamentals will receive a 50% discount on the remaining courses within the Revenue from Contracts with Customers web-based training series. Instructions for redeeming this offer will be provided in the registration confirmation email that you will receive upon registering for the course.

Course Details

Following CDC guidelines and protocols, we hope to resume in-person sessions in the fall, once a safe environment can be assured. Registration is open for our live virtual seminars, which allow participants to receive the same industry-respected content as our corresponding classroom-based seminars -- without having to leave home or office.

ASC Topic 606 / IFRS 15, Revenue from Contracts with Customers, has significantly impacted many companies upon adoption. A single 5-step model for all transactions and all industries! Whether you report under U.S. GAAP or IFRS, this 1-day course, provides you with the necessary information to gain a fundamental understanding of how and when revenue is to be recognized. Discussion-based scenarios and other group activities highlight significant challenges and application issues requiring consideration by companies applying the standard.

Topics Covered Include:

  • Overview of the New Standard
    • Core principal and 5-step model
    • Scope
    • Effective dates
    • Industry impacts
  • Walkthrough of the 5-step Model
    • Step 1: Identify the contract with a customer
    • Step 2: Identify the performance obligations in the contract
    • Step 3: Determine the transaction price
    • Step 4: Allocate the transaction price to the performance obligations in the contract
    • Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation
  • Other Issues and Considerations
    • Contract modifications
    • Material rights
    • Principal vs. agent considerations
    • Contract costs
    • Licensing arrangements
    • And more...
  • Disclosures
    • Learning from initial adopters
    • Disclosure requirements, including non-public entity elections

 

Course Leaders
GAAP Dynamics, a training firm that provides tailored and engaging learning solutions to companies and accounting firms worldwide. Their passion for making accounting understandable and their extensive industry knowledge combine to create a uniquely effective learning experience. They make accounting fun!

Keywords:Revenue, revenue recognition, ASC 606, 5 Step Model, Performance Obligations, contracts with customers, IFRS 15, recognizing revenue, rev rec

Other Details

Special Notice/Instruction:
NASBA Delivery Method: Group Live
Prerequisite: Basic knowledge of U.S. GAAP
Preparation: None
Level of Knowledge: Intermediate
Field of Study: Accounting
Delivery Method: Seminar

Following CDC guidelines and protocols, we hope to resume in-person sessions in the fall, once a safe environment can be assured. Registration is open for our live virtual seminars, which allow participants to receive the same industry-respected content as our corresponding classroom-based seminars -- without having to leave home or office.

ASC Topic 606 / IFRS 15, Revenue from Contracts with Customers, has significantly impacted many companies upon adoption. A single 5-step model for all transactions and all industries! Whether you report under U.S. GAAP or IFRS, this 1-day course, provides you with the necessary information to gain a fundamental understanding of how and when revenue is to be recognized. Discussion-based scenarios and other group activities highlight significant challenges and application issues requiring consideration by companies applying the standard.

Topics Covered Include:

  • Overview of the New Standard
    • Core principal and 5-step model
    • Scope
    • Effective dates
    • Industry impacts
  • Walkthrough of the 5-step Model
    • Step 1: Identify the contract with a customer
    • Step 2: Identify the performance obligations in the contract
    • Step 3: Determine the transaction price
    • Step 4: Allocate the transaction price to the performance obligations in the contract
    • Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation
  • Other Issues and Considerations
    • Contract modifications
    • Material rights
    • Principal vs. agent considerations
    • Contract costs
    • Licensing arrangements
    • And more...
  • Disclosures
    • Learning from initial adopters
    • Disclosure requirements, including non-public entity elections

 

Course Leaders
GAAP Dynamics, a training firm that provides tailored and engaging learning solutions to companies and accounting firms worldwide. Their passion for making accounting understandable and their extensive industry knowledge combine to create a uniquely effective learning experience. They make accounting fun!

Keywords:Revenue, revenue recognition, ASC 606, 5 Step Model, Performance Obligations, contracts with customers, IFRS 15, recognizing revenue, rev rec

Special Notice/Instruction:
NASBA Delivery Method: Group Live
Prerequisite: Basic knowledge of U.S. GAAP
Preparation: None
Level of Knowledge: Intermediate
Field of Study: Accounting
Delivery Method: Seminar