COVID-19: Revenue Recognition Implications

Description

This webinar is one in a series providing cutting edge insight on the impact of the COVID-19 pandemic on accounting and audits. Allison Henry, CPA, CGMA, PICPA’s Vice President of Professional and Technical Standards, will drill-down into how COVID-19 will impact revenue recognition particularly considering the FASB's recent activities relative to ASC 606 and whether the financial statements that you are analyzing are pre-or post ASC 606 implementation. 
 
This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Date/Time

Monday, April 12, 2021
Registration Time: 10:00am
10:00am – 12:00pm

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Course Type

On-line Live Vendors

CPE Credit

2.00 hours CPE credit

Field of Study

Auditing

Level of Knowledge

Intermediate

Designed For

CPAs in public practice and members in industry

Vendor

CPA Crossings

Prerequisites

Knowledge of ASC 606, ASC 605, ASC 340 and auditing is helpful

Advanced Preparation

None

Highlights

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

  • Thorough discussion of how implementation of ASC 606 and ongoing efforts to comply will be impacted as well as the latest FASB activity 
  • The impact of COVID-19 disruption on each step of the 5-step process Revenue recognition issues related to variable consideration such as refunds, rebates, and contract modifications 
  • Discuss potential impairment issues for contract assets
  • 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
  • Apply the FASB activities relating to ASC 606 and PPP Loans
  • Distinguish financing options to determine if considered a significant financing
  • Identify contract modifications
  • Distinguish between variable consideration versus contract modification
  • Determine and recognize the COVID-19 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.

Location

N/A (This is a webcast)
Member Fee $79.00
Non-Member Fee $79.00
Your Price $79.00

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