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.
Learning Objectives
- Recognize principles of revenue recognition.
- Recognize requirements for identifying a contract with a customer.
- Recognize performance obligations.
Major Topics
- Principles of revenue recognition
- Steps 1 and 2 in the process for revenue recognition, identifying a contract and identifying performance obligations in a contract
