This course, the first in a three-course series, concentrates on the Five Steps approach as covered in ASC 606, Revenue from Contracts with Customers. With several FASB ASUpdates, 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. Now effective for most entities, it's time to review the topic and recent updates.
Outline the Five Steps to revenue recognition under ASC 606-10. Identify the contract. Determine if the performance obligation is satisfied over time or at a point in time. Explain the concept of variable consideration and calculate the amount of variable consideration, if any. Allocate the transaction price to the performance obligations. Recognize revenue. Review excerpts from a selection of public companies' revenue disclosures.
FASB ASC 606 Revenue from Contracts with Customers and All recently released updates to ASC 606 Revenue from Contracts with Customers
CPAs, auditors, consultants, and financial and managerial professionals.