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.
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
• Principles of revenue recognition • Steps 1 and 2 in the process for revenue recognition, identifying a contract and identifying performance obligations in a contract
Accountants in public practice, industry, and academia who need an update on the latest revenue recognition guidance
Experience in the application of accounting standards