Mastering Revenue Recognition Timing and Principal-Agent Roles Under ASC 606.
This course provides an overview of critical challenges companies encounter under ASC 606, emphasizing several key areas that can be particularly challenging for effective revenue recognition. This includes distinguishing between recognizing revenue over time versus at a point in time as well as principal versus agent considerations.
Through practical examples and case studies, participants will gain insights into determining the appropriate timing for revenue recognition based on performance obligations and customer benefits. The course delves into principal-agent considerations, guiding learners on how to assess control and responsibility to determine whether an entity should act as a principal or an agent. Participants will also explore key factors such as inventory risk, pricing control, and contractual terms, which are essential for making accurate principal-agent classifications. By the end of the course, attendees will be equipped to navigate the complexities of ASC 606 with confidence, ensuring both compliance and clarity in their revenue recognition practices.
Kelen is a recognized author and reviewer of CPE courses and has authored nearly 160 courses (380+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. His courses are available for purchase from many online CPE providers including the AICPA. Kelen remained involved in CPA exam content development for nearly 10 years and authored more than a thousand multiple choice questions for various sections of the CPA exam. He also serves as an Editorial Advisor for the AICPA’s "Journal of Accountancy". Kelen has nearly 20 years of progressive finance and accounting experience. He currently serves as a Principal in Accounting Policy with HP in Doha, Qatar, and previously served in positions in Houston, Dallas, and Budapest, Hungary. Prior to HP, he served in multiple accounting roles in the oil & gas industry with ConocoPhillips including technical accounting policy, SOX compliance, and internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors.
