This course, the second in a three-course series , concentrates on the Special Implementation Guide as covered in ASC 606, Revenue from Contracts with Customers. With several FASB ASC Updates, ASC 606, Revenue from Contracts with Customers, public companies were required to implement after Dec. 15, 2017, and privately held companies and private nonprofits after Dec. 15, 2019. With ASC 606 effective for most entities, it's time to review the topic and recent updates.
Learning Objectives
- Outline several of the special issues addressed in ASC 606-10-55
- Describe the different methods of measuring progress toward complete satisfaction of a performance obligation
- Explain the accounting treatment of warranties where the customer has no option to purchase the warranty separately
- Explain the underlying criteria in customer options for additional goods or services
- Explain the accounting treatment for customers' unexercised rights
- List the criteria for a license to be accounted for at a point in time or overtime
- Define a bill-and-hold arrangement
- Review excerpts from a selection of public companies' revenue disclosures
Major Topics
- FASB ASC 606
- Revenue from Contracts with Customers and All recently released updates to ASC 606
- Revenue from Contracts with Customers
