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.

Highlights

Key Topics

• Five-step process for recognizing revenue
• Disclosure requirements

Prerequisites

Experience in application of accounting standard

Designed For

Who Will Benefit

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

Objectives

Learning Outcomes

• 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.