Deep Dive into Revenue Recognition & LeasingCode: 25-DEEP

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Course Details

126 pages

Course Overview

This chapter provides an overview of the revenue recognition standard prescribed by ASC Topic 606. This includes a discussion of how the standard today evolved over time and why a change was needed. More importantly, this chapter walks through the 5-step process for revenue recognition and also provides information and requirements related to financial statement disclosures.

Learning Objectives

Upon completion of this chapter, you will be able to:

  • Recognize how the new revenue recognition standards were developed between the FASB and IASB
  •  List the five steps involved in the new revenue recognition model
  •  Recognize the considerations involved in identifying whether a contract exists
  •  Identify the considerations involved with measuring the transaction price
  •  Recognize the steps involved in allocating the transaction price to performance obligations
  •  Identify presentation issues with respect to contract assets and contract liabilities
  •  Understand the overall disclosure requirements and transition methods related to the new standards
  •  Recognize key amendments from ASUs issued subsequent to the initial release of the new revenue recognition standards

Presentation Method:  Self-Study

Category:  Accounting

CPE credit:  8 Hours

Program Level:  Update

Prerequisites:  None

Advance Preparation:  None

Exam expiration date:  Participants must submit exams for grading within one year from the date of purchase

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The course was thorough and easy to understand. I went away with an ample understanding/knowledge of the subject matter.
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10/20/2023
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Easy to understand
Simple, but easy to understand hot topics with completeness
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