Revenue Recognition for Government Contractors
This event qualifies for 1 CPEs
Revenue recognition has been a hot topic since the introduction of ASC 606 in 2014 - an accounting standard that changed the criteria for recognizing revenue for all companies and introduced a nuance unique to government contractors. Many small companies struggle to understand and apply the concept of recognizing revenue when it is earned versus when cash is received. As part of GAAP compliance, our role is to ensure that revenue and costs are matched (the matching principle) and that the amount of and timing of revenue recognition is accurate. Join us for this enlightening topic and learn how the termination for convenience clause in government contracts complicates an already complex process.
Learning Objectives
- Discuss ASC 606
- Describe the concept of alternate use
- Recognize the termination for convenience clause
- Explain performance obligation
- Identify when delivery and acceptance occur
CPE
Left Brain Professionals is the registered sponsor of this event.
Left Brain Professionals Inc is registered with the Ohio Board of Accountancy (license CPE.445) as a sponsor of continuing professional education. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the Ohio Board of Accountancy through its website: https://elicense.ohio.gov/oh_filecomplaint.
Speaker and Presenter Information
Award-winning speaker Robert E. Jones shows audiences how to navigate the constantly changing legal and regulatory landscape of government contracts. In his engaging and highly rated presentations, he shares insider secrets drawn from 18+ years of DoD contract and accounting experience. His proactive, decisive approach to finding opportunities and solving problems is based on experience in managing more than $400 million in federal contracts.
Mr. Jones has experience with a wide variety of speaking engagements including emcee/moderator, seminars, training, chapter meetings, and conference presentations. He engages audiences with innovative approaches to contract profitability, accounting, compliance and related topics.
The West Virginia native earned a bachelor’s degree in accounting from the McColl School of Business at Queens University of Charlotte in North Carolina. He holds a master’s degree in accountancy from The Graduate School of the College of Charleston in South Carolina. He is a licensed CPA in the State of Ohio.
Relevant Government Agencies
Air Force, Army, Navy & Marine Corps, DOD & Military, NASA, Federal Government, NSA
Event Type
Webcast
This event has no exhibitor/sponsor opportunities
When
Tue, Nov 8, 2022, 1:00pm - 2:00pm
ET
Cost
Complimentary: $ 0.00
Website
Click here to visit event website
Organizer
Left Brain Professionals Inc.
Join the event conversation:
@leftbrainpro
