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Revenue Recognition - Contract AssessmentCode: 23-CONTREV
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Course description and objectives:
This course provides an overview of the first step in the revenue recognition process the identification of a contract with a customer. This includes a discussion of key definitions and considerations along with the detailed accounting guidance from ASC Topic 606. This course incorporates excerpts from the FASBs basis for conclusions of the new revenue recognition standard as well as key excerpts from Big 4 revenue recognition guides in order to develop a comprehensive understanding of this step in the process.
After reading the materials, participants will able to:
- List the five steps involved in the new revenue recognition model
- Recognize the overall considerations involved in identifying whether a contract exists
- Identify how collectibility is assessed to determine whether a contract exists
Presentation Method: Self-Study
CPE credit: 1 Hour
Program Level: Update
Advance Preparation: None
Exam expiration date: Participants must submit exams for grading within one year from the date of purchase