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The effective date of FASB ASC 606, Revenue from Contracts with Customers, is
upon us! Do you know which contracts are within the scope of the standard and
when revenue should be recognized at a point in time of over time? 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.
Recent updates to this course include the latest guidance from FASB, industry-
specific examples taken from the AICPA Audit and Accounting Guide Revenue
Recognition, as well as disclosure illustrations.
• 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.
5-step process for recognizing revenue
Accountants in public practice,
industry, and academia who
need an update on the latest
revenue recognition guidance
Experience in the application of
accounting standards
None
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