Learn the five-step revenue recognition process in ASC 606 through real-world examples that illustrate the impact on revenue recognition practices.
Learning Objectives
- Recognize the scope of ASC 606
- Identify critical terms and definitions under ASC 606
- Determine the impact of ASC 606 on reporting entities
Major Topics
Five-step process to recognize revenue under ASC 606
- Step 1: Identify the contract
- Step 2: Identify the performance obligations
- Step 3: Determine the transaction price
- Step 4: Allocate the transaction price
- Step 5: Recognize revenue
