Self-Study
ASC 606 Insights: Managing Variable Consideration and Modifications
$58.00 – $78.00
Webcasts are available for viewing Monday – Saturday, 8am – 8pm ET.
Without FlexCast, you must start with enough time to finish. (1 Hr/Credit)
Secure Transaction CPE Credits
2 Credits: Accounting
Course Level
Overview
Format
Self-Study
Course Description
This course provides an overview of critical challenges companies encounter under ASC 606, emphasizing several key areas that can be particularly challenging for effective revenue recognition. This includes considerations relating to variable consideration and accounting for contract modifications. This course also addresses the accounting considerations related to significant financing components.
Learning Objectives
Upon successful completion of this course, participants will be able to:
- Identify different types of variable payments in contracts, including discounts, rebates, and bonuses
- Recognize the importance of accurate estimation of variable payments for revenue recognition
- Determine appropriate methods for estimating uncertain payment amounts
- Distinguish between contracts with and without significant financing components
- Recognize factors that impact the time value of money in long-term payment contracts
- Identify when a contract modification is treated as a new contract or continuation of an existing one
- Recognize when additional goods or services in a modification are distinct
- Determine if the price adjustment reflects the standalone selling prices of the new goods or services
- Differentiate between contract modificationsas separate contracts or part of the existing agreement
- Select the appropriate revenue recognition method for a contract modification
Course Specifics
SS125420797
January 31, 2025
There are no prerequisites.
None
55
Compliance Information
CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)
CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.
Meet The Experts
Kelen is a recognized author and reviewer of CPE courses and has authored over 145 courses (350+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. Kelen remained involved in CPA exam content development for nearly 10 years and 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 nearly 20 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Advisor with HP. Prior to HP, he served in multiple …
QAS Self-Study
