Revenue Recognition Deep Dive - Unlocking the Key Principles of ASC 606Code: 27-REVDEEPDIVE

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Course Details

Pages:62
Course Objectives
This course provides a comprehensive overview of the revenue recognition principles under ASC 606. It covers the five-step model for recognizing revenue, which includes identifying contracts, measuring transaction prices, and allocating those prices to performance obligations. Participants will gain an understanding of key considerations, such as when a contract exists and how to measure the transaction price accurately. The course also explores the presentation of contract assets and liabilities, along with the required disclosures.

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
  •  Identify presentation issues with respect to contract assets and contract liabilities
  •  Understand the overall disclosure requirements
  •  Recognize top challenges companies face when recording revenue
Category: Accounting

Recommended CPE Hours: 4

Level of knowledge: Overview

Prerequisite: General understanding of Accounting

Advanced Preparation: None
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