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The effective date of FASB ASC 606, Revenue from Contracts with Customers, is
here! 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.
This course is intended to familiarize the learner with the core principles of
recognizing revenue 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
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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