ASC 606 Insights: Contract Identification and Performance ObligationsCode: 27-ASCCONTRACT

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Course Details

Pages: 37
Course Overview
This course provides an overview of critical challenges companies encounter under ASC 606, emphasizing several key areas that can be particularly challenging for effective revenue recognition. This includes identifying valid contracts and determining performance obligations.

Learning Objectives
Upon completion of this chapter, you will be able to:
  •  Identify the criteria for contract validity under ASC 606
  •  Recognize complexities in multiple contracts with the same customer
  •  Determine the effects of contract modifications on revenue recognition
  •  Differentiate between contract cancellations and terminations
Category: Accounting

Recommended CPE Hours: 2

Level of knowledge: Overview

Prerequisite: General understanding of Accounting

Advanced Preparation: None
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