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Live Webinar

90-minute live streaming program
  • November 9
  • 1:00 - 2:30 pm EST

Best Estimated Selling Price Fundamentals

November 9

Dive into practical, hands-on guidance on coming up with standalone selling prices that are compliant with the new standard.

Accountants often seek to avoid estimating standalone selling prices and using them to allocate the transaction price. The estimation process is resource-intensive and judgmental and may produce results that are not intuitive to the rest of the business. While the concept of using standalone selling prices to allocate the total price is not new, the new revenue accounting standard ASC 606 has broadened the need for standalone selling prices. This topic will discuss the new requirements and common misconceptions about this aspect of revenue recognition. The material will provide practical, hands-on guidance on coming up with standalone selling prices that are compliant with the new standard. The presenter will discuss several common challenges that accountants encounter when estimating standalone selling prices at their organizations. You will take away some ideas on tackling those challenges in an efficient, replicable way.

Learning Objectives

  • You will be able to define the requirements for standalone selling prices in ASC 606.
  • You will be able to describe the methods to measure standalone selling prices that are specifically described in the new revenue accounting standard.
  • You will be able to identify sources of standalone selling prices at your organization.
  • You will be able to recognize common challenges to calculating BESP and come up with solutions

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

BESP Under Legacy GAAP and Under ASC 606
  • Conceptually, Why Standalone Selling Prices (SSP) Are Needed
  • SSP Hierarchy Under Legacy GAAP
  • What Has the New Standard Changed?
  • Methods for Estimating SSP Described Specifically in the New Standard
Operationalizing an SSP Calculation Under the New Standard
  • Sources of SSP
  • The Level of Aggregation at Which SSP Should Be Established
  • Updating SSPs
  • Using Ranges
Common Challenges in Estimating SSP and Possible Solutions:
  • Goods and Services Are Sold at a Wide Range of Prices
  • Goods and Services Are Customer-Specific
  • Standalone Sales Data Is Not Gathered by Finance
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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

Live Webinar Registration

  • AIPB 1.5
     
  • This program is acceptable for 1.5 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • CPE 1.8 including Finance 1.8
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. 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 National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Finance for 1.8 hours. Prerequisite: basic knowledge of business financials. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     
  • Lorman Business Center, Inc. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Specialized Knowledge and Applications for 1.5 hours.
     

Who should attend?

This live webinar is designed for accountants, presidents, vice presidents, business and office managers, finance directors, controllers, CFOs, lending professionals and credit managers.

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Sergey Kvasnyuk

Sergey Kvasnyuk

MorganFranklin Consulting, LLC

  • Senior Manager in the McLean, Virginia, office of MorganFranklin Consulting, LLC
  • After starting his career with EY, joined MorganFranklin in 2012 Assists clients with complex technical accounting issues and the accounting and reporting aspects of transactions
  • Since 2014, has performed ASC 606 implementations at publicly held and private clients in a variety of industries including software and SaaS, telecommunications, life sciences, specialized business services, and government contracting
  • Conducted multiple client workshops on aspects of ASC 606 implementations
  • CPA licensed in Virginia
  • Can be contacted at [email protected] or 301-273-5308
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 399789
Published 2018
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