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Revenue Recognition Topic 606 - Identify the Contract Part 1

 Wed, 08/27/2025 from 5:00 pm to 6:14 pm
 
1.2
26 / 2-304964
Registration is Open
Member Price
$39.00 Regular Registration
Your Price
$59.00 Regular Registration
Designed For:

Accountants, CPAs, Finance Professionals, Internal Audit, External Audit

Prerequisite:

Suggested - Revenue Recognition Topic 606 Overview

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.

Delivery Method: Individual webcast
CPE Credit: Accounting
Program Level: Intermediate

Sponsors

For Technical Support: 
Please contact the ACPEN Help Desk at (877) 602-9877, [email protected]   or visit https://vscpa.acpen.com/Support/. The Help Desk is available by phone 24/7, 365 days a year. Allow 1 business day for email

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

Speakers

Advanced Preparation

None

Vendor

The Virginia Society of CPAs (VSCPA) 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: NASBARegistry.org.

For more information regarding refund, complaint, program cancellation or other policies, visit our Registration Policies page or call (800) 733-8272.