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Revenue Recognition Topic 606 - Identify the Contract Part 1

Total Credits: 1.2 including 1.2 Accounting - Technical

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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.
Dates
Please Note: Programs with a ☾ insignia begin after 5pm or air on the weekend.
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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's Profile

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

Thu, Feb 27, 2025 - 08:00am to 09:14am HAST
Wed, Mar 05, 2025 - 10:00am to 11:14am HAST
Fri, Mar 21, 2025 - 11:00am to 12:14pm HAST
Sat, Apr 05, 2025 - 03:00am to 04:14am HAST
Mon, Apr 21, 2025 - 05:00am to 06:14am HAST
Wed, May 07, 2025 - 07:00am to 08:14am HAST
Fri, May 23, 2025 - 09:00am to 10:14am HAST
Tue, Jun 03, 2025 - 11:00am to 12:14pm HAST
Fri, Jun 20, 2025 - 03:00am to 04:14am HAST
Wed, Jul 02, 2025 - 05:00am to 06:14am HAST
Thu, Jul 17, 2025 - 01:00pm to 02:14pm HAST
Fri, Aug 08, 2025 - 09:00am to 10:14am HAST
Wed, Aug 27, 2025 - 11:00am to 12:14pm HAST
Thu, Sep 04, 2025 - 03:00am to 04:14am HAST
Mon, Sep 22, 2025 - 05:00am to 06:14am HAST
Wed, Oct 08, 2025 - 07:00am to 08:14am HAST
Mon, Oct 20, 2025 - 09:00am to 10:14am HAST
Mon, Nov 03, 2025 - 12:00pm to 01:14pm HAST
Fri, Nov 21, 2025 - 04:00am to 05:14am HAST
Tue, Dec 09, 2025 - 06:00am to 07:14am HAST
Tue, Dec 23, 2025 - 08:00am to 09:14am HAST
Fri, Jan 02, 2026 - 10:00am to 11:14am HAST
Thu, Jan 15, 2026 - 02:00pm to 03:14pm HAST
Fri, Feb 06, 2026 - 04:00am to 05:14am HAST
Mon, Feb 16, 2026 - 06:00am to 07:14am HAST
Thu, Mar 12, 2026 - 07:00am to 08:14am HAST
Mon, Mar 23, 2026 - 09:00am to 10:14am HAST
Wed, Apr 01, 2026 - 11:00am to 12:14pm HAST
Mon, Apr 20, 2026 - 03:00am to 04:14am HAST
Sat, May 02, 2026 - 05:00am to 06:14am HAST
Mon, May 18, 2026 - 07:00am to 08:14am HAST
Thu, Jun 04, 2026 - 09:00am to 10:14am HAST
Tue, Jun 30, 2026 - 11:00am to 12:14pm HAST

Additional Info

Basic Course Information

Prerequisites Suggested - Revenue Recognition Topic 606 Overview
Advanced 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 Policy

Please 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. 


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