Courses

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.