Revenue Recognition: Identifying the Contract and Performance Obligations
Description
This course offers an overview of the principles of revenue recognition under FASB ASC 606, Revenue from Contracts with Customers and addresses the first two steps of a five-step process for revenue recognition under this new standard. Step 1 deals with identifying a contract, including collectibility, reassessment criteria and enforceable rights. Step 2 deals with identifying performance obligations in a contract, including distinct goods or services and combining contracts.
Learning Objectives
When you complete this course you will be able to: · Recognize principles of revenue recognition · Recognize requirements for identifying a contract with a customer · Recognize performance obligations
Major Topics
• Principles of revenue recognition • Steps 1 and 2 in the process for revenue recognition, identifying a contract and identifying performance obligations in a 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
