COVID-19: Revenue Recognition Implications

Description

This webinar is one in a series providing cutting edge insight on the impact of the COVID-19 pandemic on accounting and audits. Allison Henry, CPA, CGMA, PICPA's Vice President of Professional and Technical Standards, will drill-down into how COVID-19 will impact revenue recognition particularly considering the FASB's recent activities relative to ASC 606 and whether the financial statements that you are analyzing are pre-or post ASC 606 implementation.

This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Highlights

The major topics that will be covered in this class include:

• Thorough discussion of how implementation of ASC 606 and ongoing efforts to comply will be impacted as well as the latest FASB activity
  
• The impact of COVID-19 disruption on each step of the 5-step process Revenue recognition issues related to variable consideration such as refunds, rebates, and contract modifications
• Discuss potential impairment issues for contract assets
  
• Sample financial statement presentation and disclosures

Objectives

After attending this presentation you will be able to...

• Identify the basic requirements of ASC 606 such as the scope, effective dates, and the 5 Step model
• Apply the FASB activities relating to ASC 606 and PPP Loans
• Distinguish financing options to determine if considered a significant financing
• Identify contract modifications
• Distinguish between variable consideration versus contract modification
• Determine and recognize the COVID-19 risk areas including assessing collectability, accounting for contract modification, changes in transaction prices versus price concessions, variable consideration, sales returns, financing component, contract costs and impairment and onerous contacts
• Identify additional disclosures required based on COVID-19 considerations.

Designed For

CPAs in public practice and members in industry