Revenue Recognition: Determining and Allocating the Transaction Price

Description

This course addresses steps three and four in the five-step process for revenue recognition under FASB ASC 606, Revenue from Contracts with Customers. Step 3 deals with determining the transaction price, including refund liabilities, variable consideration, and accounting policy elections. Step 4 deals with allocating the transaction price to performance obligations in the contract including stand-alone selling prices, allocation of a discount and changes in the transaction price.

Highlights

Steps 3 and 4 in the process for revenue recognition, determining the transaction price and allocating the transaction price to performance obligations in the contract

Objectives

Recognize requirements for determining a transaction price. Recognize requirements for allocating a transaction price.

Designed For

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