Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know
Description:
The effective date of FASB ASC 606, Revenue from Contracts with Customers, is
here! 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, industry-specific examples
taken from the AICPA Audit and Accounting Guide Revenue Recognition, as well as
disclosure illustrations.
Highlights:
• 5-step process for recognizing revenue
Objectives:
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.
Prerequisites:
Experience in the application of
accounting standards
Designed For:
Accountants in public practice,
industry, and academia who
need an update on the latest
revenue recognition guidance
industry, and academia who
need an update on the latest
revenue recognition guidance