Learn about the five-step revenue recognition process in ASC 606 through real-world examples illustrating how this will impact revenue recognition practices.
Five-step process to recognize revenue under ASC 606:
- Step 1: Identify the contract
- Step 2: Identify the performance obligations
- Step 3: Determine the transaction price
- Step 4: Allocate the transaction price
- Step 5: Recognize revenue
- Recognize the scope of ASC 606.
- Identify critical terms and definitions under ASC 606.
- Determine the impact of ASC 606 on reporting entities.
CPAs who apply revenue recognition guidance, or audit or review the standards applied by reporting entities.
Vendor:CalCPA Education Foundation
Member/Nonmember Fees:30 / 50
CPE:Accounting 1 hour(s)
Yellow Book Credit:No
Summer M. Taylor
California CPA Education Foundation
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