Revenue Recognition: Identifying the Contract and Performance Obligations

Description

This course offers an overview of the principles of revenue recognition under FASB ASC 606, Revenue from Contracts with Customers, and addresses the first two steps of a five-step process for revenue recognition under this new standard. Step 1 deals with identifying a contract, including collectability, reassessment criteria and enforceable rights. Step 2 deals with identifying performance obligations in a contract, including distinct goods or services and combining contracts.

Highlights

Principles of revenue recognition Steps 1 and 2 in the process for revenue recognition, identifying a contract and identifying performance obligations in a contract

Objectives

Recognize principles of revenue recognition. Recognize requirements for identifying a contract with a customer. Recognize performance obligations.

Designed For

Accountants in public practice, industry, and academia who need an update on the latest revenue recognition guidance