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Best Estimated Selling Price Fundamentals

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.

Runtime: 89 minutes
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Why Lorman?

Over 32 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 32 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

OnDemand Webinar

This course was last revised on November 9, 2018.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 32 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 32 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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