COVID-19: Revenue Recognition Implications (2 hours)

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Nov 13, 2020

Registration: 7:00 AM / Program: 7:30 AM - 9:30 AM Pacific Time

Fees

Member Fee: $0.00
Nonmember Fee: $0.00

Available Discounts

AICPA Member: None
Full time Accounting Educator: None

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.

Designed For

CPAs in public practice and members in industry

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.

Major Subjects

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

This event has already passed. If you have any questions, please contact us at 503-641-7200 or email profdev@orcpa.org.