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Impact of COVID-19 on Entities’ Revenue Recognition Under ASC 606 Webinar

CPE

When
April 20
2:00 - 4:00 p.m.

CPE Credits
2-A&A

Details

 Pricing

PICPA Member: $89 | Nonmember: $114


 More Information

Course No.
ICER-2021-01-WEBNR-110-01
Level
Intermediate
Prerequisites
Experience in accounting and attestation
Note
This webinar is hosted by PICPA's partner, Surgent CPE. After registering, you will receive an email from Surgent CPE with the log-in information.

Description

The COVID-19 pandemic has had many far-reaching accounting implications. One of its more significant effects is how entities have often changed the terms of their revenue contracts and assumptions used in recognizing revenue under ASC 606. Due to such items as price concessions, contract modifications, and contract sweeteners provided to customers, entities will need to reassess many of the conclusions that they reached when they originally adopted ASC Topic 606. Further, changes in their customer’s economic conditions may also require an entity to update assumptions it made about collectability and variable consideration related to its customers and contracts. The financial reporting implications of these changes could have a significant impact on entities’ financial results, both this year and beyond. In this course, we’ll review the accounting impact of the more common adjustments entities have made to their revenue recognition process so that you can be ahead of the curve in assessing and recording this impact in the financial statements.

Highlights

  • Common changes to revenue recognition practices due to the COVID-19 pandemic
  • Major assumptions that may need to be updated when recognizing revenue in the COVID-19 environment
  • Accounting implications of these changes related to revenue recognition under ASC 606


Speaker(s)


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