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.
Principles of revenue recognition
Steps 1 and 2 in the process for revenue recognition, identifying a contract and identifying performance obligations in a contract
Recognize principles of revenue recognition.
Recognize requirements for identifying a contract with a customer.
Recognize performance obligations.
Accountants in public practice, industry, and academia who need an update on the latest revenue recognition guidance