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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

2.0 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, CPA, CFE Blankenship CPA Group /Brentwood, TN Robert Wayne Wells graduated from Austin Peay State University in Clarksville, Tennessee in 1970, with a Bachelor of Science Degree in Accounting and Economics. Mr. Wells began his career in public accounting in 1970 with the national firm of what was then Touche, Ross & Co. in Nashville, Tennessee. In 1974, he joined a local accounting firm in Nashville. This firm provided accounting, auditing and tax services to small and medium size businesses as well as extensive tax services to individuals. After a total of over 45 years experience, he is today a Principal with Blankenship CPA Group, PLLC in Brentwood, Tennessee. Mr. Wells has conducted numerous seminars in accounting, auditing, and taxation. He holds a Certified Public Accountant certificate in Tennessee, and is also a Certified Fraud Examiner. Mr. Wells is a member of the Tennessee Society of Certified Public Accountants, the American Institute of Certified Public Accountants, and the Association of Certified Fraud Examiners. He is a recipient of the 2013 Outstanding Discussion Leader Award from Tennessee Society of CPAs.

PRICING

$99.00 - Member

$132.00 - Nonmember

Register Today


Note: Online pre-registration will close on May 26 at 8:30 AM.

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COURSE DEVELOPER

AICPA/NJCPA