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Revenue Recognition for Long-Term Construction and Similar Contracts: Topic 606 Implementation Challenges (Z1-LTC4-2021-01-SSDL)

200 Minutes
On demand - Audio

On Demand - Audio

4 CPE Credits in AA

OVERVIEW

This program is an in-depth analysis of the Section 754 election and the two adjustments associated with the election under Section 743(b) and Section 734(b). The 754 election is a highly technical provision that provides great tax benefits to the owners of the partnership, and particularly in the case of Section 743(b), a new partner. In this webinar, our expert panel will cover the most common questions encountered by practitioners in their daily practices. The program includes a number of examples that provide insights into the mechanics of the two adjustments that follow upon a Section 754 election.

DESIGNED FOR

Accounting and auditing practitioners at all levels desiring to understand the challenges in applying Topic 606 to entities with long-term construction projects

BENEFITS

  • Identify the five steps of Topic 606’s new revenue recognition model
  • Determine the criteria that supports recognizing revenue over time under Topic 606
  • Apply Topic 606’s guidance in other areas of interest to entities currently using SOP 81-1
  • Recall best practices and lessons learned from others implementing Topic 606

HIGHLIGHTS

  • Topic 606’s five-step revenue recognition model
  • Determining whether to recognize revenue over time or at a point in time under Topic 606
  • Other unique considerations in applying the five-step model for entities currently using SOP 81-1
  • Lessons learned and best practices from entities already adopting Topic 606

COURSE LEVEL

Intermediate

PREREQUISITES

Experience in accounting and auditing

ADVANCE PREPARATION

None

PRICING

$79.00 - Member

$99.00 - Nonmember

ADDITIONAL OPTIONS

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COURSE DEVELOPER

Surgent