Revenue Recognition: Mastering the New FASB Requirements
Overview:
New revenue standard
5-step process
Gain deep knowledge about the new major standard FASB ASC 606, Revenue from Contracts with Customers.
Explore the details of the following five-step process for recognizing revenue: identifying a contract with a customer; determining the performance obligations; determining a transaction price; allocating a transaction price; and recognizing revenue.
Special considerations
In addition, learn about special considerations such as warranties, licensing, acting as a principal versus an agent, incremental costs of obtaining a contract with a customer, and the extensive disclosure requirements along with a useful summary table.
Ground your understanding with practical examples, including industry-specific examples and many disclosure illustrations.
Objectives:
Learning Outcomes
- Recognize principles of revenue recognition.
- Recognize requirements for identifying a contract with a customer.
- Recognize performance obligations.
- Recognize requirements for determining a transaction price.
- Recognize requirements for allocating a transaction price.
- Identify the requirements for recognizing revenue.
- Recognize special considerations for implementing FASB ASC 606 and ASC 340-40.
- Recognize financial accounting and reporting requirements.
Major Topics:
Key Topics
- Five-step process for recognizing revenue
- Disclosure requirements
Designed For:
Who Will Benefit
Accountants in public practice, industry, and academia who need an update on the latest revenue recognition guidance