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.