Financial Accounting Issues

Revenue Recognition – Contract Assessment v1.1

This course provides an overview of the first step in the revenue recognition process – the identification of a contract with a customer.  This includes a discussion of key definitions and considerations along with the detailed accounting guidance from ASC Topic 606.  This course incorporates excerpts from the FASB’s basis for conclusions of the new revenue recognition standard as well as key excerpts from Big 4 revenue recognition guides in order to develop a comprehensive understanding of this step in the process.    

Learning Objectives:

Upon completion of this course, you will be able to:

  • List the five steps involved in the new revenue recognition model
  • Recognize the overall considerations involved in identifying whether a contract exists
  • Identify how collectability is assessed to determine whether a contract exists


Prerequisites/Advanced Preparation:

None

Speaker / Author:

Kelen is a recognized author and reviewer of CPE courses and has authored over 85 courses (225+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics.  His courses are available for purchase from many online CPE providers including the AICPA.  Kelen has also remained involved in CPA exam content development for nearly 10 years and has authored more than a thousand multiple choice questions for various sections of the CPA exam.  He also serves as an Editorial Advisor for the AICPA’s "Journal of Accountancy".   

Kelen has over 15 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Consultant with HP, Inc. in Dallas, TX.  Most recently he was located in Budapest, Hungary on a three-year international assignment and served in the company’s Houston, TX location prior to this assignment.  Prior to HP, he served in multiple accounting roles in the oil & gas industry with ConocoPhillips including technical accounting policy, SOX compliance, and internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors.


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Price (USD)

Standard: $24.95

Details

Course Code : 99CAM20-v1.1

Release Date : 03/21/2024
Expire Date : 03/31/2026
Credits :
CPE 1.00
QAS 1.00

Length : 50min
Course Level : Basic
Course Type : QAS Self-Study
Passing Grade : 70%

Mobile Compatible
Field Of Study : Accounting

Theme : Financial Accounting Issues

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