Customer Service: 800-778-7436     

To access your product click the Log In link at the top right of the screen. Once inside your account, you will be able to access your Packages, Self-Study Product, and Webinar Registrations.

Sign In to Your Surgent Account

Forgot Username or Password | Register for an Account

Revenue Recognition for Long-Term Construction and Similar Contracts: Topic 606 Implementation Challenges (LTC4)

Choose CPE Format:

Live Webinar SELECT STARTING AT $139 (3 dates)

Credits: 4

Qualifies For: CPE

Instructor(s): Richard Daisley, CPA

$139

Choose a Webinar Date

(All Times Eastern)

Please choose a Webinar date

NO HASSLE REFUNDS & TRANSFERS
EASY CANCELLATIONS
Self-Study SELECT STARTING AT $65 (On Demand)

On-Demand Webcast

Credits: 4

Qualifies For: CPE

$89

Downloadable PDF

Credits: 4

Qualifies For: CPE

$65

Textbook

Credits: 4

Qualifies For: CPE

$80
The presenter has very good practical experience, espeically in applying the new revenue recognition standard to contractors
Robert

Interested in bringing this course into your firm?

PRIVATE WEBINARS AND LIVE ON-SITE COURSES ARE AVAILABLE. LEARN MORE.

Revenue Recognition for Long-Term Construction and Similar Contracts: Topic 606 Implementation Challenges (LTC4)

  • Customer Rating
    (14)
  • Field of Study
    Accounting
  • Level
    Intermediate
  • Credits
    4
  • Qualifies for

    CPE

Overview

For those entities who currently recognize revenue under the guidance of Statement of Position 81-1, Accounting for Performance of Construction-Type and Certain Production-Type Contracts (SOP 81-1/ASC 605-35), understanding the basics of Topic 606 is not enough. In order to assess the impact of adopting Topic 606, you need a detailed understanding of whether you can recognize revenue over time under Topic 606 or not. Plus, applying the other steps of Topic 606’s five-step revenue recognition model could also result in entities making changes to their current revenue recognition approaches. Even with the recent FASB deferral, Topic 606’s effective date is here. Now is the time to get the answers to your implementation questions. In this course, we’ll explore Topic 606 from the perspective of entities that currently recognize revenue under SOP 81-1/ASC 605-35, highlighting any areas of potential change in your current approach when you adopt Topic 606, such as identifying performance obligations and when and how you recognize revenue. Lastly, we’ll review the financial reporting impact of changes that many companies are making to their revenue recognition processes as a result of COVID-19. Applying Topic 606 to your long-term contracts will definitely change your revenue recognition approach. This course will help you determine how big that change will be.

Major Topics:

  • Topic 606’s five-step revenue recognition model
  • Determining whether to recognize revenue over time or at a point in time under Topic 606
  • Other unique considerations in applying the five-step model for entities currently using SOP 81-1/ASC 605-35
  • Accounting considerations related to COVID-19-driven changes to revenue recognition processes
  • Lessons learned and best practices from entities already adopting Topic 606

Learning Objectives

  • Identify the five steps of Topic 606’s new revenue recognition model
  • Determine the criteria that supports recognizing revenue over time under Topic 606
  • Apply Topic 606’s guidance in other areas of interest to entities currently using SOP 81-1
  • Recall best practices and lessons learned from others implementing Topic 606

Designed for:

Accounting and auditing practitioners at all levels desiring to understand the challenges in applying Topic 606 to entities with long-term construction projects

Prerequisite:

Experience in accounting and auditing

Advanced Preparation:

None

Interested in bringing this course into your firm?

PRIVATE WEBINARS AND LIVE ON-SITE COURSES ARE AVAILABLE. LEARN MORE.
loading

Loading...

Loading...

Thank You!

YOU HAVE ADDED THE FOLLOWING TO YOUR CART:


Loading...

Thank You!

Thank You! Your request has been submitted.



Get More with a Surgent CPE package

Unlimited Self-Study Package

  • Unlimited 24/7 access to 200+ downloadable self-study courses

  • Courses range from 2-20 credits

  • Provides online grading & CPE certificates by email

  • Does NOT include Premium courses

$499

Buy Now

Unlimited Webinar Package

  • Unlimited access to all non-premium live CPE webinars

  • Includes 1-, 2-, 3-, 4-, and 8-hour webinars, including Saturday and evening options

  • Access through December 31st of the year in which you purchase

  • Does NOT include Premium courses

$699

Buy Now

 

Unlimited Plus Package

  • Unlimited access to ALL live CPE webinars

  • Includes all premium courses and virtual conferences

  • Unlimited 24/7 access to all self-study courses

  • Includes all on-demand webcasts

  • Access for a year from purchase date

$849

Buy Now

Explore Additional Courses by Topic

  • CPE Continuing Professional Education for CPAs

  • IRS Continuing Education for EAs and the AFSP program

  • CFP Accepted by the CFP® Board

  • YB YellowBook Continuing Education

  • CTEC Approved for CE by CTEC

QAS Approval Surgent IRS Approval Surgent CFP Approval Surgent CTEC Approval Surgent
CPE Webinars
CPE Webinars

Thank You!

Thank You! Your subscription has been submitted.