Revenue Recognition - Mastering the 5 Steps of ASC 606Code: 27-REVMASTERASC

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Course Details

Pages:37
Course Objectives
This course provides an overview of the revenue recognition principles under ASC 606. It
focuses specifically on the five-step model for recognizing revenue, including identifying
contracts, measuring transaction prices, and allocating those prices to performance
obligations.

Learning Objectives
Upon completion of this course, you will be able to:
  •  List the five steps involved in the 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
Category: Auditing

Recommended CPE Hours: 2

Level of knowledge: Overview

Prerequisite: General understanding of compilation and review standards

Advanced Preparation: None
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