Revenue - Five Steps to RecognitionCode: 21-STEPSREV

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Course Details

34 pages

Course description and objectives:

This course provides an overview of the revenue recognition standards prescribed by the Financial Accounting Standards Board (FASB) in ASC Topic 606.  This course focuses specifically on the five-step model for revenue recognition including identifying a contract, identifying performance obligation, determining the transaction price, allocating the transaction price to performance obligations, and recognizing revenue.     

After reading the materials, participants will be able to:

    1. List the five steps involved in the new revenue recognition model

    2. Recognize the considerations involved in identifying whether a contract exists

    3. Identify the considerations involved with measuring the transaction price

    4. Recognize the steps involved in allocating the transaction price to performance obligations 

 

Presentation Method:    Self-Study

 

Category:  Accounting

CPE credit:  2 Hours

Program Level:  Update

Prerequisites:  None

Advance Preparation:  None

Exam expiration date:  Participants must submit exams for grading within one year from the date of purchase

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American CPE, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org

 

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