Revenue Recognition Topic 606 - Identify the Contract Part 1
Total Credits: 1.2 including 1.2 Accounting - Technical
- Average Rating:
- Not yet rated
- Categories:
- ACPEN Industry Institute | Accounting and Auditing
- Faculty:
- Lynn Fountain
- Course Levels:
- Intermediate
- Duration:
- 1.2 Hours
- License:
- Product Setting: Expires 30 day(s) after program date.
Description
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.
Basic Course Information
Learning 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
Major Subjects
- Revenue Recognition
Course Materials
| Important CPE Credit Instructions_READ BEFORE WEBCAST UPDATED (442.7 KB) | Available after Purchase | ||
| Revenue Recognition Topic 606 - Identify the Contract Part 1 Handout (867.9 KB) | Available after Purchase | ||
| Terms (29.3 KB) | Available after Purchase | ||
Faculty
Lynn Fountain Related Seminars and Products
Lynn Fountain has over 45 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Lynn has held two Chief Audit Executive (CAE) positions for international companies. In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees. The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.
Dates
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Thu, Feb 27, 2025 - 01:00pm to 02:14pm EST
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Wed, Mar 05, 2025 - 03:00pm to 04:14pm EST
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Fri, Mar 21, 2025 - 05:00pm to 06:14pm EDT
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Sat, Apr 05, 2025 - 09:00am to 10:14am EDT
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Mon, Apr 21, 2025 - 11:00am to 12:14pm EDT
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Wed, May 07, 2025 - 01:00pm to 02:14pm EDT
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Fri, May 23, 2025 - 03:00pm to 04:14pm EDT
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Tue, Jun 03, 2025 - 05:00pm to 06:14pm EDT
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Fri, Jun 20, 2025 - 09:00am to 10:14am EDT
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Wed, Jul 02, 2025 - 11:00am to 12:14pm EDT
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Thu, Jul 17, 2025 - 07:00pm to 08:14pm EDT
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Fri, Aug 08, 2025 - 03:00pm to 04:14pm EDT
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Wed, Aug 27, 2025 - 05:00pm to 06:14pm EDT
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Thu, Sep 04, 2025 - 09:00am to 10:14am EDT
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Mon, Sep 22, 2025 - 11:00am to 12:14pm EDT
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Wed, Oct 08, 2025 - 01:00pm to 02:14pm EDT
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Mon, Oct 20, 2025 - 03:00pm to 04:14pm EDT
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Mon, Nov 03, 2025 - 05:00pm to 06:14pm EST
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Fri, Nov 21, 2025 - 09:00am to 10:14am EST
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Tue, Dec 09, 2025 - 11:00am to 12:14pm EST
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Tue, Dec 23, 2025 - 01:00pm to 02:14pm EST
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Fri, Jan 02, 2026 - 03:00pm to 04:14pm EST
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Thu, Jan 15, 2026 - 07:00pm to 08:14pm EST
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Fri, Feb 06, 2026 - 09:00am to 10:14am EST
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Mon, Feb 16, 2026 - 11:00am to 12:14pm EST
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Thu, Mar 12, 2026 - 01:00pm to 02:14pm EDT
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Mon, Mar 23, 2026 - 03:00pm to 04:14pm EDT
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Wed, Apr 01, 2026 - 05:00pm to 06:14pm EDT
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Mon, Apr 20, 2026 - 09:00am to 10:14am EDT
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Sat, May 02, 2026 - 11:00am to 12:14pm EDT
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Mon, May 18, 2026 - 01:00pm to 02:14pm EDT
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Thu, Jun 04, 2026 - 03:00pm to 04:14pm EDT
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Tue, Jun 30, 2026 - 05:00pm to 06:14pm EDT
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Additional Info
Basic Course Information
Prerequisites Suggested - Revenue Recognition Topic 606 OverviewAdvanced Preparation None
Designed For
Accountants, CPAs, Finance Professionals, Internal Audit, External Audit
Original Recording Date 2/2025
Yellow Book No
Course Developer Lynn Fountain, CPA, CGMA, CRMA, cPIA, MBA
Date Added to Catalog 02/2025
Additional Information
Complaint Resolution PolicyPlease contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).
Official Registry Statement
Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org
Instructional Delivery Method
Group Internet Based
Course Registration Requirements
Online Registration
Refund/Cancellation Policy
Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer.