Interpreting the New Revenue Recognition Standard: What All CPA's Need to Know
The effective date of FASB ASC 606, Revenue from Contracts with Customers, is upon us! Do you know which contracts are within the scope of the standard and when revenue should be recognized at a point in time of over time? This course answers those questions by providing a basic understanding of the five-step process for recognizing revenue under FASB ASC 606. Supported by practical examples, this course addresses core principles that all CPAs need to know. Recent updates to this course include the latest guidance from FASB, industryspecific examples taken from the AICPA Audit and Accounting Guide Revenue Recognition, as well as disclosure illustrations.
- 5-step process for recognizing revenue
This course is intended to familiarize the learner with the core principles of recognizing revenue from contracts with customers. When you complete this course you will be able to:
- Recognize principles of FASB ASC 606.
- Recognize requirements for identifying a contract under FASB ASC 606.
- Recognize performance obligations under FASB ASC 606.
- Recognize requirements for determining a transaction price under FASB ASC 606.
- Recognize requirements for allocating a transaction price under FASB ASC 606.
Experience in the application of accounting standards
Accountants in public practice, industry, and academia who need an update on the latest revenue recognition guidance
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