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Thursday, May 26, 2022 Live Webcast

Revenue Recognition: Satisfying Performance Obligations and Special Considerations (E2205302)

8:45 AM - 10:45 AM EDT

Registration: 8:30 AM EDT

webcast

Vendor Platform

2 CPE Credits in AA

OVERVIEW

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.

This course features a live instructor and has been specifically designed for the NJCPA.

DESIGNED FOR

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

BENEFITS

  • dentify 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

HIGHLIGHTS

  • 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

COURSE LEVEL

Intermediate

PREREQUISITES

None

ADVANCE PREPARATION

None

INSTRUCTOR

R. Wayne Wells

R. Wayne Wells, CPA, CFE

AICPA/Professional Development Institute

Robert “Wayne” Wells has 53 years of experience in public accounting and annually instructs numerous virtual continuing education seminars and in-firm training classes for continuing education providers in the areas of accounting, auditing, fraud, and taxation. Wells began his career in public accounting in 1970 with the national firm of what was then Touché, Ross & Co. in Nashville, Tennessee. In 1974, he joined a local firm in Nashville and provides accounting, auditing, fraud investigation, and tax services to small- and medium-sized businesses, as well as extensive tax services to individuals. Wells graduated from Austin Peay State University in Clarksville, Tennessee, in 1970 with a Bachelor of Science degree in accounting and economics. He holds a certified public accountant certificate in Tennessee and is also a Certified Fraud Examiner. He is a member of the Tennessee Society of Certified Public Accountants, the Association of Certified Fraud Examiners, and the American Institute of Certified Public Accountants. He is a recipient of the Outstanding Discussion Leader Award presented by the Tennessee Society of Certified Public Accountants, the Outstanding Discussion Leader Award presented by the AICPA, and the Outstanding Discussion Leader Award presented by Surgent.

PRICING

$99.00 - Member

$132.00 - Nonmember

Pre-Registration Closed

Online pre-registration for this event is now closed.

ADDITIONAL OPTIONS

Print a registration form

COURSE DEVELOPER

AICPA/NJCPA