Back to Search

Revenue Recognition Implementation and COVID-19 Challenges Webinar

CPE

When
Feb. 16
4:00 - 6:00 p.m.

CPE Credits
2-A&A

Details

 Pricing

PICPA Member: $79 | Nonmember: $104


 More Information

Course No.
PAAHRRI2
Level
Basic
Prerequisites
Knowledge of ASC 606, ASC 605, ASC 340 and auditing is helpful
Note
This webinar is hosted by PICPA's partner, CPA Crossings, LLC. After registering, you will receive an email from messenger@webex.com with the log-in information.

Description

This webinar will highlight the basic requirements of the FASB ASC 606, Revenue from Contracts with Customers, including scope, effective dates, and recent FASB activities. The session will also explore practical implementation challenges, accounting for contract modifications, and how COVID-19 events could impact key assumptions related to recognition. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Learning Objectives:

After attending this presentation you will be able to...

  • Identify the basic requirements of ASC 606 such as the scope, effective dates, and the 5 Step model
  • Determine how to account for risk areas including assessing collectability, accounting for contract modification, changes in transaction prices versus price concessions, variable consideration, sales returns, financing component, contract costs and impairment and onerous contacts
  • Identify additional disclosures required based on COVID-19 considerations.

Highlights

The major topics that will be covered in this class include:

  • Implementation of the 5 step model outlined in ASC 606 as well as the latest FASB activity 
  • Revenue recognition issues related to the impact of collectability, variable consideration such as refunds, rebates, and contract modifications, significant financing, and onerous contracts.  
  • The impact of COVID-19 disruption on each step of the 5-step process
  • Sample financial statement presentation and disclosures


Speaker(s)

Allison M. Henry, CPA
Vice President, Professional & Technical Standards
PICPA

Allison is presently the Vice President - Professional & Technical Standards for Pennsylvania Institute of CPA’s (PICPA) where she is responsible for overseeing the administration of the AICPA’s Peer Review Program in Pennsylvania, Delaware, and the Virgin Islands. She also administers PICPA’s Joint Ethics Enforcement Program with the AICPA, and serves as the technical staff liaison to seven state-wide committees and two newly-created task forces; specifically, the Peer Review, Professional Ethics, Accounting and Auditing Procedures, Forensic and Litigation Services, Business Valuation, Not-for-Profit and Employee Benefit Plan Committees and the Healthcare Reform and Marcellus Shale Task Forces. In addition, she fields technical inquiries, writes columns for the CPA Journal and Pursuit publications, provides technical updates at PICPA chapter events, and assists in writing responses to technical exposure drafts.

Allison has been in the profession for about twenty years, including twelve years in public accounting and over eight years with PICPA. Her public accounting experience consists of several years as senior manager with a regional accounting firm and nine years at Deloitte & Touche, LLP, where she worked in their assurance and advisory services group. Her diverse client service experience includes many not-for-profit, healthcare, and world relief organizations, as well as small and large manufacturing, distribution, and other service-oriented entities. She has also served as the designated employee benefits specialist. Prior to her experience with Deloitte, she spent four years in internal accounting positions including the Department of Defense, while her husband was serving on active duty with the U.S. Army.

Allison is a graduate of Washington University in St. Louis and holds an accounting equivalency from the University of Arkansas in Little Rock. She is a member of the Pennsylvania Institute of Certified Public Accountants and the American Institute of Certified Public Accountants. She is also a member of Washington Crossing United Methodist Church, where she serves on the financial accountability team, and volunteers for the children’s ministry. She is a native of St. Louis, Mo. and is an avid runner.


You May Also Like

Emerging Trends in Auditing, SSARS & Attestation Engagements Webinar
June 28 | Webinar
Discuss recently issued standards from standard-setters, including the AICPA Auditing Standards Board, Public Company Accounting Oversight Board, and International Auditing and Assurance Standards Board, and explore emerging trends. Get the ...
Risk Assessment - The Foundation of an Audit of a Live Event Webinar
May 24 | Webinar
This course considers the AICPA audit quality challenges related to audit risk assessment, including the risk assessment model, as well as identifying, assessing, and responding to audit risks. Take part ...
COVID-19: Impact on SSARS and Other Attest Engagements
Self-Study
This course is one in a series providing cutting edge insight on the impact of the COVID-19 pandemic on accounting and audits. Participants will walk through key standards and considerations ...