|Full time Accounting Educator:||None|
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.
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 firstname.lastname@example.org.