4 Credits: Accounting
The introduction of Section 606, Revenue from Contracts with Customers, marks a monumental shift in revenue recognition standards under GAAP, presenting a significant challenge for professionals across various entities. This course, led by Jeff Sailor with his unique and engaging presentation style, offers a comprehensive solution to understanding and implementing this pivotal standard. Sailor’s approach not only explains the critical aspects of the new framework but does so in a manner that is both enlightening and entertaining, incorporating video parodies to enhance learning and retention. You will learn to navigate the five-step framework of revenue recognition, from identifying contracts and performance obligations to determining and allocating transaction prices and recognizing revenue. This course is essential for professionals seeking to adapt to this significant change in financial reporting, ensuring both compliance and a deep understanding of the new revenue recognition landscape.
Upon successful completion of this course, the participant should be able to:
- Identify to whom this standard applies
- Describe the five steps of the framework
- Apply the provisions to identify the contract
- Apply the provisions to identify the separate performance obligations
- Apply the provisions to determine the transaction price
- Apply the provisions to allocate the transaction price
- Apply the provisions to recognize revenue as the performance obligations are satisfied
- Describe the required disclosures
August 25, 2022
CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)
CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.
Meet The Experts
Jeff Sailor, CPA, received a master’s degree in accounting from the University of Florida. Upon graduation, he joined the auditing staff at Peat Marwick in Jacksonville, Florida, where he worked on a large number of national accounts. Jeff has managed his own accounting firm in Ocala, Florida, since 1984. During that time, he has also developed unique auditing approaches and auditing software. Since 1992, Jeff has been teaching accounting and auditing courses he developed to combat traditional “boring CPE.” Using a variety of creative teaching methods sprinkled with humorous video spoofs, Jeff is able to combine his in-depth accounting insights …