Mastering Revenue Recognition Challenges and Key Considerations 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 considerations relating to variable consideration and accounting for contract modifications. This course also addresses the accounting considerations related to significant financing components.
Through in-depth examples and real-world applications, participants will explore the complexities of ASC 606, gaining a practical understanding of its key principles. The course delves into methods for accurately estimating variable consideration, helping professionals manage risks associated with uncertain payment amounts. Participants will also learn the intricacies of handling contract modifications, from assessing changes in scope to adjusting revenue reporting accordingly.
A special focus is placed on understanding significant financing components, ensuring that entities recognize and measure revenue accurately when there’s a delay between payment and delivery. By the end of this course, participants will be equipped with actionable strategies to navigate ASC 606’s most challenging areas, ensuring compliance and enhancing the quality of their financial reporting. This course is ideal for accounting professionals and financial analysts looking to deepen their knowledge of revenue recognition standards under U.S. GAAP.
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.
