Learn the five-step revenue recognition process in ASC 606 through real-world examples that illustrate the impact on revenue recognition practices.
• Recognize the scope of ASC 606.
• Identify critical terms and definitions under ASC 606.
• Determine the impact of ASC 606 on reporting entities.
• 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
CPAs, auditors and financial professionals.
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