Revenue Recognition: Identifying the Contract & Performance Obligations

Thursday, August 25 12:30pm - 2:10pm

(Check-In 12:00pm)

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Hilton Garden Inn

2465 Grant Rd
Billings, MT 59102

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2.00 Credits

Member Price $69.50

Price will increase by $12.5 after 8/4

Non-Member Price $81.50

Price will increase by $12.5 after 8/4

Overview

All materials will be electronic only

This course offers an overview of the principles of revenue recognition under FASB ASC 606, Revenue from Contracts with Customers, and addresses the first two steps of a five-step process for revenue recognition under this new standard. Step 1 deals with identifying a contract, including collectability, reassessment criteria and enforceable rights. Step 2 deals with identifying performance obligations in a contract, including distinct goods or services and combining contracts.

Highlights

  • Principles of revenue recognition
  • Steps 1 and 2 in the process for revenue recognition, identifying a contract and identifying performance obligations in a contract

Prerequisites

Experience in the application of accounting standards.

Designed For

Accountants in public practice, industry and academia who need an update on the latest revenue recognition guidance.

Objectives

When you complete this course you will be able to:

  • Recognize principles of revenue recognition.
  • Recognize requirements for identifying a contract with a customer.
  • Recognize performance obligations.

Preparation

None

Leader(s):

Leader Bios

Bruce Shepard

Bruce Shepard was most recently an assistant professor of accounting at George Fox University and an adjunct professor of accounting at the University of Oregon, prior to becoming an instructor for the AICPA in 2012. From 2006-2010, Mr. Shepard was the Chief Financial Officer of Las Vegas Gaming, Inc. in Las Vegas, Nevada, where he had full management responsibility for all financial affairs, daily business operations, administration and human resources. From 1985-2006, Mr. Shepard was in charge of the Middle Market Practice for PricewaterhouseCoopers, LLP in Portland, Oregon, where he served as an Assurance Partner from 1989-2006 focusing on providing proactive business advisory services to fast-growing companies. Bruce has many years of trusted business advisor experience around Portland, Oregon where he practiced for 33 years. In addition, Bruce has taught all of the accounting and auditing classes, fraud and forensics, pension auditing, SAARS, COSO, and governmental accounting and auditing classes for the AICPA for the last five years including being the lead instructor on GASB 68. Presently, Bruce is the author of the AICPA course, Audits of Banks and Other Financial Institutions.

At PricewaterhouseCoopers, LLP, Mr. Shepard spearheaded over 100 acquisitions and divestitures by leading in the financial structuring of the transactions. He worked with clients to develop strategic plans for short-term and long-term growth. He assisted both start-up companies and beyond start-up companies with attaining their needed growth capital. Mr. Shepard wrote an article, Financing Entrepreneurs, in 1999 for the Oregon Society of Certified Public Accountants. Mr. Shepard was awarded “Beta Alpha Psi Professional of the Year” in 2006 for sustained involvement with the University of Oregon.

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Non-Member Price $81.50

Member Price $69.50