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 collectability, 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
None
