Accounting for Contract Acquisition and Fulfillment Costs ON DEMAND
Available Until
Your Desk
1.0 Credits
Member Price $29.00
Non-Member Price $33.00
Overview
This course provides a practical overview of the accounting rules for contract acquisition and fulfillment costs under U.S. GAAP. This course covers how to determine whether costs such as sales commissions, onboarding, and implementation services should be capitalized or expensed. You’ll learn how to apply the recognition and impairment criteria in ASC 340-40, as well as the related disclosure requirements for costs tied to revenue contracts.
Highlights
Relationship to ASC 606. Scope of ASC 340-40. Costs of obtaining a contract. Costs to fulfill a contract. Amortization of costs. Impairment considerations.
Prerequisites
None.
Designed For
CPAs, CEOs, CFPs, and other accounting professionals.
Objectives
Identify costs that qualify for capitalization as costs to obtain or fulfill a contract. Differentiate between costs that must be expensed immediately and those that can be capitalized. Determine the appropriate amortization methods and periods for capitalized contract costs. Identify indicators that capitalized contract costs may be impaired.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Kelen Camehl, Western CPE
Kelen is a recognized author and reviewer of CPE courses and has authored over 85 courses (225+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. His courses are available for purchase from many online CPE providers including the AICPA. Kelen has also remained involved in CPA exam content development for nearly 10 years and has authored more than a thousand multiple choice questions for various sections of the CPA exam. He also serves as an Editorial Advisor for the AICPA’s “Journal of Accountancy”.
Kelen has over 15 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Consultant with HP, Inc. in Dallas, TX. Most recently he was located in Budapest, Hungary on a three-year international assignment and served in the company’s Houston, TX location prior to this assignment. Prior to HP, he served in multiple accounting roles in the oil & gas industry with ConocoPhillips including technical accounting policy, SOX compliance, and internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors.
Non-Member Price $33.00
Member Price $29.00