Revenue Recognition Implementation and COVID-19 Challenges

Description

This webinar will highlight the basic requirements of the FASB ASC 606, Revenue from Contracts with Customers, including scope, effective dates, and recent FASB activities. The session will also explore practical implementation challenges, accounting for contract modifications, and how COVID-19 events could impact key assumptions related to recognition.

This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Highlights

The major topics that will be covered in this class include:

• Implementation of the 5 step model outlined in ASC 606 as well as the latest FASB activity
• Revenue recognition issues related to the impact of collectability, variable consideration such as refunds, rebates, and contract modifications, significant financing, and onerous contracts.
  
• The impact of COVID-19 disruption on each step of the 5-step process
• Sample financial statement presentation and disclosures
  

Objectives

After attending this presentation you will be able to...

• Identify the basic requirements of ASC 606 such as the scope, effective dates, and the 5 Step model
• Determine how to account for risk areas including assessing collectability, accounting for contract modification, changes in transaction prices versus price concessions, variable consideration, sales returns, financing component, contract costs and impairment and onerous contacts
  
• Identify additional disclosures required based on COVID-19 considerations.

Designed For

CPAs in public practice and members in industry