This course will deal directly with disclosure requirements for the standard.
Investors and other financial statement have provided comments to the SEC on revenue-related disclosures. They felt the standard did not provide sufficient detail to perform detailed analysis.
One of the goals of the new standard is to introduce disclosure requirements that improve the information communicated in financial statements
The new standard requires additional disclosures to better communicate the nature, amount, timing, and uncertainty of an entity’s revenue and cash flows (ASC 606-10-50-1). Filers are required to provide qualitative and quantitative information about the following: • Contracts with customers • Significant judgments made in applying the new standard • Assets recognized from the costs to obtain or fulfill a contract
An entity is required to disclose revenue recognized from contracts with customers as well as impairment losses on any contract assets arising from those contracts. Disclosure is required unless these amounts are presented separately on its financial statements.
Topics Covered The standard also requires information about the following categories: • disaggregation of revenue, • contract balances, • performance obligations
This course will deal directly with disclosure requirements for the standard. Several courses currently exist on the platform related to an overview of the standard and deep dive into individual steps of the standards.
Field of Study: Accounting
Lynn Fountain has over 45 years of experience spanning public accounting, corporate accounting and consulting. 24 years of her experience has been working in the areas of internal and external auditing. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Ms. Fountain has held two Chief Audit Executive positions for international companies. In 2011, as the Chief Audit Executive for an international construction/ engineering firm, she was involved in the active investigation of a joint venture fraud. The investigation included work with the FBI and ultimately led to indictment of the perpetrators and recovery of $13M. Ms. Fountain is currently engaged in her own training and consulting business and is a regular trainer for the AICPA. Ms. Fountain is the author of three separate technical books. “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations” was published by the Institute of Internal Auditors Research Foundation. -“Leading The Internal Audit Function” and -“Ethics and The Internal Auditor Political Dilemma” were published by Taylor & Francis In addition Ms. Fountain was a contributing author to the certification program exam for the National Association of Accountants. She also has certificate programs on various on-line platforms. Ms. Fountain has performed as an adjunct instructor for the School of Business for Grantham University and developed the first internal audit curriculum for the School of Business at the University of Kansas. Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CGMA, CRMA credentials and CPA certificate (non-active).
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