Revenue Recognition: Satisfying Performance Obligations and Special

Description

This course addresses step five of the five-step process for revenue recognition under FASB ASC 606, Revenue from Contracts with Customers. Step five deals with identifying when the transfer of control occurs under FASB ASC 606 and whether a performance obligation is satisfied at a point in time or over time. This course also moves beyond step five to address special considerations, such as licensing, warranties and principal versus agent determinations. In addition to these special considerations, this course also deals with identifying requirements for recognizing incremental costs of obtaining a contract with a customer in accordance with FASB ASC 340-40, Other Assets and Deferred Costs — Contracts with Customers.

Learning Objectives

Identify when the transfer of control to the customer occurs under FASB ASC 606.
• Identify when a performance obligation has been satisfied at a point in time under FASB ASC 606.
• Identify when a performance obligation has been satisfied over time under FASB ASC 606.
• Identify when revenue associated with a license is recognized at a point in time or over time under FASB ASC 606.
• Identify when a warranty represents a separate performance obligation or a guarantee under FASB ASC 606.
• Identify the difference between an entity acting as a principal and an agent in a transaction with a customer under FASB ASC 606.
• Identify requirements for recognizing incremental costs of obtaining a contract with a customer in accordance with FASB ASC 340-40.

Major Topics

Transfer of control
• Performance obligations satisfied at a point in time
• Performance obligations satisfied over time
• Measuring progress toward complete satisfaction of a performance obligation
• Licensing
• Warranties
• Principal versus agent
• Incremental costs of obtaining a contract with a customer

Provider
AICPA
Course Level
Intermediate
Professional Area of Focus
Accounting & Auditing
CPE Field of Study
Accounting
1
Auditing
1
Who Should Attend

Accountants and finance professionals who need an update on the latest revenue recognition guidance

Instructor(s)
Thomas Newell
Prerequisites

None

Advanced Preparation

None

Location
LIVE-ONLINE Webcast
Event Information
When
Oct 11, 2022
8:00 am - 10:00 am EDT
Location
LIVE-ONLINE Webcast
Total CPE Credits
2
Format
Live Webcast

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Revenue Recognition: Satisfying Performance Obligations and Special


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