FASB ASC 606, Revenue from Contracts with Customers, is effective! Do you know which contracts are within the scope of the standard and when revenue should be recognized? This course answers those questions by providing a basic understanding of the five-step process for recognizing revenue under FASB ASC 606. Supported by practical examples, this course addresses core principles that all CPAs need to know. Updates to this course include the latest guidance from FASB, industry-specific examples taken from the AICPA Audit and Accounting Guide Revenue Recognition disclosure illustrations.
Learning Objectives
This course is intended to familiarize the learner with the core principles of revenue recognition from contracts with customers. When you complete this course, you will be able to: • Recognize principles of FASB ASC 606.
• Recognize requirements for identifying a contract under FASB ASC 606.
• Recognize performance obligations under FASB ASC 606.
• Recognize requirements for determining a transaction price under FASB ASC 606.
• Recognize requirements for allocating a transaction price under FASB ASC 606.
Major Topics
• 5-step process for recognizing revenue
