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 princi-ples 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.
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
*Background, purpose and main provisions of new standard *Transition guidance *5-step process for recognizing revenue *Disclosure requirements *Implementation guidance – contracts, tax matters, internal controls, IT
Accountants in public practice, industry, and academia who need an update on the latest revenue recognition guidance
Experience in the application of