ASC 606 Insights: Timing of Revenue Recognition & Principal vs. Agent ConsiderationsCode: 27-ASCREV

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Course Details

Pages: 33
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 distinguishing between recognizing revenue over time versus at a point in time as well as principal versus agent considerations.

Learning Objectives
Upon completion of this chapter, you will be able to:
  •  Identify factors that influence the determination of control transfer in a contract
  •  Recognize implications of transferring control over time versus at a specific point in time
  •  Distinguish between obligations that satisfy control transfer over time vs. at a point in time
  •  Determine the significance of contract terms in assessing when control transfers to a customer
Category: Accounting

Recommended CPE Hours: 2

Level of knowledge: Overview

Prerequisite: General understanding of Accounting

Advanced Preparation: None
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