Impact of COVID-19 on Entities' Revenue Recognition Under ASC 606

The COVID-19 pandemic has had many far-reaching accounting implications. One of its more significant effects is how entities have often changed the terms of their revenue contracts and assumptions used in recognizing revenue under ASC 606.

Due to such items as price concessions, contract modifications, and contract sweeteners provided to customers, entities will need to reassess many of the conclusions that they reached when they originally adopted ASC Topic 606. Further, changes in their customer's economic conditions may also require an entity to update assumptions it made about collectability and variable consideration related to its customers and contracts. The financial reporting implications of these changes could have a significant impact on entities' financial results, both this year and beyond.

In this course, we'll review the accounting impact of the more common adjustments entities have made to their revenue recognition process so that you can be ahead of the curve in assessing and recording this impact in the financial statements.


  • Recall common responses that entities have made in dealing with customers as a result of the COVID-19 pandemic
  • Identify the accounting implications of the common changes to the revenue recognition process, which many entities have made as a result of COVID-19 
  • Recall best practices for quantifying and accounting for changes in an entity’s revenue recognition methods and assumptions due to COVID-19


  • Common changes to revenue recognition practices due to the COVID-19 pandemic
  • Major assumptions that may need to be updated when recognizing revenue in the COVID-19 environment
  • Accounting implications of these changes related to revenue recognition under ASC 606

Additional Information

Designed For

Accounting and auditing practitioners at all levels desiring to remain up to date on recent pronouncements and other standard setters' activities



Advanced Preparation



2.00 Accounting


Experience in accounting and attestation

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