Revenue Recognition Topic 606 Contract with Customers - Identify the Contract Part 2

Overview

This course is a continuation of discussion over Step One in the revenue recognition process of Identify the Contract. Specifically, this session delves further into the considerations surrounding contract modifications, change orders, unpriced change orders, cancelations, non-finalized changes and accounting treatment when a contract does not exist.

Highlights

• Revenue Recognition
• Accounting

Prerequisites

Suggested Revenue Recognition - Identify the Contract Part 1

Designed For

Accountants, Finance Professionals, Auditors, Internal Auditors

Objectives

• Explore the components and requirements around contract modifications
• Identify methods to determine contract modification status
• Explore accounting considerations for contract modifications
• Identify methods to account for unpriced change orders
• Explore modifications that fall under the cumulate catch-up accounting rules
• Explore accounting for non-finalized contract changes
• Explore accounting for contract cancelations
• Identify accounting treatment when it is determined a contract does not exist
• Explore the concept of contract combinations

Preparation

None

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by ACPEN. Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.