Revenue Recognition: Determining and Allocating the Transaction Price
Description
This course addresses steps three and four in the five-step process for revenue recognition under FASB ASC 606, Revenue from Contracts with Customers. Step 3 deals with determining the transaction price, including refund liabilities, variable consideration, and accounting policy elections. Step 4 deals with allocating the transaction price to performance obligations in the contract including stand-alone selling prices, allocation of a discount and changes in the transaction price.
Learning Objectives
When you complete this course you will be able to: *Recognize requirements for determining a transaction price *Recognize requirements for allocating a transaction price
Major Topics
*Steps 3 and 4 in the process for revenue recognition, determining the transaction price and allocating the transaction price to performance obligations in the contract
Provider
AICPA
Course Level
Intermediate
Professional Area of Focus
Accounting & Auditing
CPE Field of Study
Accounting
2
Who Should Attend
Accountants in public practice, industry, and academia who need an update on the latest revenue recognition guidance
Prerequisites
Experience in the application of accounting standards
