Revenue Recognition Topic 606 - Identify the Contract Part 1
1.20 Credits
Member Price $59
Non-Member Price $79
Overview
On May 28, 2014, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) issued converged guidance on recognizing revenue in contracts with customers (ASC 606). The objective of the guidance is to establish principles to report useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue from contracts with customers. The new guidance provides several benefits to financial statement users.
This is one in a series of courses that outline the updated revenue recognition standard.
Highlights
- Revenue Recognition
Prerequisites
Suggested - Revenue Recognition Topic 606 Overview
Designed For
Accountants, CPAs, Finance Professionals, Internal Audit, External Audit
Objectives
- Recognize how elements of the new revenue recognition standard differ from the previous standard
- Explore various criteria in the step “Identify the Contract" including
- Approval/commitment of parties
- Identification of rights of parties
- Payment terms can be identified
- The contract has commercial substance
- Collection is probable
- Identify when a contract modification requires a new contract or can be combined with the original contract
- Explore accounting for non-contract modifications
- Explore accounting for contract modifications
Preparation
None
Leader(s):
Leader Bios
Lynn Fountain, Sole Proprietor
Lynn Fountain, CGMA, CRMA, MBA, has over 30 years of experience in the business profession, which includes public and industry accounting and over 20 years within internal and external auditing combined. She is a nationally recognized trainer and speaker and also a published author. She is a subject matter expert and specializes in Internal Audit, Sarbanes-Oxley, Enterprise Risk Management, Fraud, Governance and Compliance. Ms. Fountain has held two Chief Audit Executive positions for international companies. She has also been instrumental in the establishment of ERM, Sarbanes-Oxley and Governance frameworks.
Ms. Fountain has developed and delivered leading edge training sessions on the new COSO framework and has assisted companies in identifying risk gap analysis in their individual processes. She currently executes two highly recognized e-workshops for the Institute of Internal Auditors, one on Fraud and the second on Ethics. Both workshops have incorporate aspects of COSO 2013.
Ms. Fountain is in the process of authoring a publication for the IIA Research Foundation on aspects of fraud auditing. The publication is due out in 2015. In addition, she has performed as an adjunct instructor for the School of Business for Grantham University and the School of Business at the University of Kansas. Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas.
Non-Member Price $79
Member Price $59