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Revenue Recognition for Construction Nano Learning Series
$147.00
Member price: $116.00
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Changes in business practices and the economic environment create new challenges for the accounting of construction contract revenue. In this seven-lesson nano learning series, demystify the nuances of Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts With Customers, as it applies to non-public contractors. In this series, you will be introduced to ASC Topic 606, which requires sound judgment, accurate estimation, and required disclosures, particularly in its implementation. You’ll learn to effectively explain revenue recognition to owners, project managers, and estimators.
Learning Objectives
After completing all seven lessons in this series, participants will be able to:
• Discover the core principles of ASC Topic 606 and the elements of the Five-Step Model used to implement this revenue recognition standard.
• Determine the criteria for sale of goods or services, including whether a contract exists given a set of facts and circumstances (Step 1).
• Pinpoint the performance obligations in a contract (Step 2).
• Recognize when a contract modification should become a separate contract.
• Identify the transaction price contained within a contract and allocate it to the separate performance obligations (Steps 3 and 4).
• Recognize revenue based on acceptable measurements of completion of the performance obligations (Step 5).
• Indicate the disclosures required under ASC Topic 606
• Discover the core principles of ASC Topic 606 and the elements of the Five-Step Model used to implement this revenue recognition standard.
• Determine the criteria for sale of goods or services, including whether a contract exists given a set of facts and circumstances (Step 1).
• Pinpoint the performance obligations in a contract (Step 2).
• Recognize when a contract modification should become a separate contract.
• Identify the transaction price contained within a contract and allocate it to the separate performance obligations (Steps 3 and 4).
• Recognize revenue based on acceptable measurements of completion of the performance obligations (Step 5).
• Indicate the disclosures required under ASC Topic 606
Prerequisites
This NASBA-qualified nano learning self-study program has been developed for construction financial professionals with 0-3 years of experience in construction finance. No prerequisites or advanced preparation is required.
CPE Credits
1.4 CPE credits
CPE/CCIFP Information
Earn 1.4 CCIFP Professional Development Credits toward the General or Construction Knowledge Requirement. This Revenue Recognition for Construction Nano Learning Series has been reformatted from an earlier course: Implementing Revenue Recognition Through
Course Length
The estimated time to complete the course is approximately 105 minutes, depending on the pace of the learner.
Who Should Attend:
Business Owners, CFOs, Construction Financial Professionals, Contractors, Controllers, CPAs, Professional Advisors, Project Managers, Risk Managers, Subcontractors, Those who would like to learn more about revenue recognition
Topics:
Accounting
