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.
Course ID: CL2CPO
Revenue Recognition: Identifying the Contract and Performance Obligations
• Recognize principles of revenue recognition.
• Recognize requirements for identifying a contract with a customer.
• Recognize performance obligations.
• Principles of revenue recognition
• Steps 1 and 2 in the process for revenue recognition, identifying a contract and identifying performance obligations in a contract
Who Should Attend
Accountants in public practice, industry, and academia who need an update on the latest revenue recognition guidance
Fields of StudyAccounting (Governmental)
Experience in the application of accounting standards