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Course Details

Revenue Recognition (Course Id 639)

Updated / QAS / Registry   Add to Cart 
Author : Steven Bragg, CPA
Status : Production
CPE Credits : 4.0
IRS Credits : 0
Price : $39.95
Passing Score : 70%
Primary Subject-Field Of Study:

Accounting - Accounting and Auditing for Course Id 639

Description :

Revenue Recognition describes the five-step process for recognizing revenue related to contracts with customers. The discussion includes the establishment of a contract, the determination of performance obligations, and how to set and allocate prices. The course covers many ancillary topics as well, including the treatment of variable consideration, noncash consideration, price discounts, subsequent price changes, consignments, licensing, repurchase agreements, disclosures, and much more. The course material is based on Revenue from Contracts with Customers, Topic 606, as well as subsequent updates.

Usage Rank : 0
Release : 2017
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 27-Jun-2017
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - NASBA Registry - 639

Keywords : Accounting, Revenue, Recognition, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

  • Identify the evaluation criteria for a contract, the components of the transaction price, and when a contract modification triggers treatment as a new contract.
  • Recognize the accounting treatment pertaining to customer acceptance clauses, rights to acquire additional goods, donations, asset repurchases, and breakage.
  • Recognize the situations under which contract liabilities occur, and when disaggregation is used.
  • Note the methods used to control which third parties are recognized as customers, and to control the use of justification documents for standalone pricing.

Chapter 1
Revenue Recognition

Identify the evaluation criteria for a contract, the components of the transaction price, and when a contract modification triggers treatment as a new contract.

Chapter 2
Other Revenue Topics

Recognize the accounting treatment pertaining to customer acceptance clauses, rights to acquire additional goods, donations, asset repurchases, and breakage.

Chapter 3
Revenue Presentation and Disclosure

Recognize the situations under which contract liabilities occur, and when disaggregation is used.

Chapter 4
Management of Revenue Recognition

Note the methods used to control which third parties are recognized as customers, and to control the use of justification documents for standalone pricing.
Course Contents :

Chapter 1 - Revenue Recognition

Topic 606, Revenue from Contracts with Customers

The Nature of a Customer

Steps in Revenue Recognition

Step One: Link Contract to Customer

Step Two: Note Performance Obligations

Step Three: Determine Prices

Variable Consideration

Possibility of Reversal

Time Value of Money

Noncash Consideration

Payments to Customers

Refund Liabilities

Step Four: Allocate Prices to Obligations

Allocation of Price Discounts

Allocation of Variable Consideration

Subsequent Price Changes

Step Five: Recognize Revenue

Measurement of Progress Completion

Output Methods

Input Methods

Change in Estimate

Progress Measurement

Right of Return

Consistency

Contract Modifications

Treatment as Separate Contract

Treatment as Continuing Contract

Entitlement to Payment

Contract-Related Costs

Costs to Obtain a Contract

Costs to Fulfill a Contract

Amortization of Costs

Impairment of Costs

Exclusions

Applicability

Chapter 2 - Other Revenue Topics

Bill-and-Hold Arrangements

Consideration Received from a Supplier

Consignment Arrangements

Customer Acceptance

Customer Options for Additional Purchases

Donations

Gains and Losses from Nonfinancial Asset Derecognition

Licensing

Nonrefundable Upfront Fees

Principal versus Agent

Repurchase Agreements

Unexercised Rights of Customers

Warranties

Chapter 3 - Revenue Presentation and Disclosure

Presentation

Disclosures

Chapter 4 - Management of Revenue Recognition

Identification of Customers

Contractual Consistency

Contract Aggregation

Performance Clarification

Variable Consideration Analysis

Time Value of Money Analysis

Standalone Selling Prices

Measurement of Progress Completion

Costs to Obtain a Contract

Bill-and-Hold Arrangements

Breakage

Glossary

Accounting Course 639 Home: https://www.cpethink.com/qas-cpa-courses
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