ASC 606 Insights: Managing Variable Consideration and ModificationsCode: 27-ASCVARIABLE

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Course Details

Pages: 38
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 considerations relating to variable consideration and accounting for contract modifications. This course also addresses the accounting considerations related to significant financing components.

Learning Objectives
Upon completion of this chapter, you will be able to:
  •  Identify different types of variable payments in contracts, including discounts, rebates, and bonuses
  •  Recognize the importance of accurate estimation of variable payments for revenue recognition
  •  Determine appropriate methods for estimating uncertain payment amounts
  •  Distinguish between contracts with and without significant financing components
  •  Recognize factors that impact the time value of money in long-term payment contracts
Category: Accounting

Recommended CPE Hours: 2

Level of knowledge: Overview

Prerequisite: General understanding of Accounting

Advanced Preparation: None
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