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

• 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.

Highlights

• Five-step process for recognizing revenue

• Disclosure requirements

Designed For

Accountants in public practice, industry, and academia who need an update on the latest revenue recognition guidance

Prerequisites

Experience in application of accounting standard