December 1, 2020

Webinar

2 CPE

Webinar (CPA Crossings): COVID-19: Revenue Recognition Implications

December 1, 2020
Webinar
2 CPE

Webinar (CPA Crossings): COVID-19: Revenue Recognition Implications

  • Instructor

    Allison
    Henry

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.

Learning 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 Topics

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

CPE Credits Available

2 CPE
2
Auditing

Things to Know About This Course

Course Level

  • Intermediate

Prerequisites

None

Advanced Preparation

None

Intended Audience

CPAs in public practice and members in industry

Provider

CPA Crossings, LLC

This event has ended.