Self-Study
4
Overview
Accounting
There are no prerequisites.

Course Description

For many organizations, the single most critical accounting topic is the recognition of revenue - when can it be recognized and how much do you recognize? If you don't recognize the correct amount of revenue, it may be necessary to engage in adjustments at a later date, which can cause readers to doubt the veracity of your financial statements. In Revenue Recognition, we present the recognition principles needed to account for contracts with customers, using summarizations of the original accounting standards and many explanatory examples. A number of peripheral issues are also covered, including the treatment of variable consideration, noncash consideration, price discounts, subsequent price changes, consignments, licensing, repurchase agreements, disclosures, and much more.



Instructor

Steven M. Bragg, CPA

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast.

Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with Deloitte & Touche. He holds an MBA from Babson College, a Master of Finance from Bentley College, and a BA from the University of Maine (summa cum laude).



Course Specifics

Accounting
Dec 1, 2017
There are no prerequisites.
SS1143396
85
None


Compliance Information

103220
Qualifies for CA Fraud: No


Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Identify the evaluation criteria for a contract, the components of the transaction price, and when a contract modification triggers treatment as a new contract

Chapter 2

  • Recognize the accounting treatment pertaining to customer acceptance clauses, rights to acquire additional goods, donations, asset repurchases, and breakage

Chapter 3

  • Recognize the situations under which contract liabilities occur, and when disaggregation is used

Chapter 4

  • Note the methods used to control which third parties are recognized as customers and to control the use of justification documents for standalone pricing


Table of Contents

Preface

Chapter 1 – Revenue Recognition

Learning Objectives

Introduction

Topic 606, Revenue from Contracts with Customers

The Nature of a Customer

Steps in Revenue Recognition

Step One: Link Contract to Customer

Step Two: Note Performance Obligations

Step Three: Determine Prices

Variable Consideration

Possibility of Reversal

Time Value of Money

Noncash Consideration

Payments to Customers

Refund Liabilities

Step Four: Allocate Prices to Obligations

Allocation of Price Discounts

Allocation of Variable Consideration

Subsequent Price Changes

Step Five: Recognize Revenue

Measurement of Progress Completion

Output Methods

Input Methods

Change in Estimate

Progress Measurement

Right of Return

Consistency

Contract Modifications

Treatment as Separate Contract

Treatment as Continuing Contract

Entitlement to Payment

Contract-Related Costs

Costs to Obtain a Contract

Costs to Fulfill a Contract

Amortization of Costs

Impairment of Costs

Exclusions

Applicability

Summary

Chapter 1 – Review Questions

Chapter 2 – Other Revenue Topics

Learning Objectives

Introduction

Bill-and-Hold Arrangements

Consideration Received from a Supplier

Consignment Arrangements

Customer Acceptance

Customer Options for Additional Purchases

Donations

Gains and Losses from Nonfinancial Asset Derecognition

Licensing

Nonrefundable Upfront Fees

Principal versus Agent

Repurchase Agreements

Unexercised Rights of Customers

Warranties

Summary

Chapter 2 – Review Questions

Chapter 3 – Revenue Presentation and Disclosure

Learning Objectives

Introduction

Presentation

Disclosures

Summary

Chapter 3 – Review Questions

Chapter 4 – Management of Revenue Recognition

Learning Objectives

Introduction

Identification of Customers

Contractual Consistency

Contract Aggregation

Performance Clarification

Variable Consideration Analysis

Time Value of Money Analysis

Standalone Selling Prices

Measurement of Progress Completion

Costs to Obtain a Contract

Bill-and-Hold Arrangements

Breakage

Summary

Chapter 4 – Review Questions

Review Question Answers and Rationales

Glossary

Index

Final Examination

Answer Sheet

Course Evaluation

 



Choose Your Preferred Format


Online Access

Get immediate access to a robust collection of learning and reference materials, allowing you to dive deep into the information you need. Our self-study materials are authored by top-quality, industry experts who focus on helping you grasp concepts quickly using real-life examples. Download your CPE to any device, and take it with you so you can learn when and wherever you want. Complete your CPE with an online exam, and enjoy instant grading with the option to print your certificate immediately upon passing.

online access
Hard Copy

Our self-study materials are authored by top-quality, industry experts. You’ll receive a bound notebook of all the course materials, shipped to you within one business day. In addition, you’ll also have full online access. Each self-study package includes a robust collection of learning and reference materials to help you cover the information efficiently and put it into practice immediately.

hard copy
Self-Study Video

Experience high-quality instruction with our Self-Study Videos, available to you 24/7. With more than 80+ videos currently in the Western CPE Self-Study Video library, you can see and hear our expert instructors deliver the information you need in a dynamic way that allows you to immediately apply your learning. Unlike a live course or webcast, you can complete the course on your own time, playing and pausing as needed. Self-Study Videos allow you to complete your CPE requirements on your own time.

hard copy


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