This course, the second in a three-course series, concentrates on the Special Implementation Guide as covered in ASC Topic 606, Revenue from Contracts with Customers. Since ASC Topic 606, Revenue from Contracts with Customers, has been adopted by most entities, it is time to review the topic, including any recent updates. The course also includes pertinent note disclosures from several publicly traded companies across several industries.
Learning Objectives
• Outline several of the special issues addressed in ASC Topic 606-10-55
• Describe the different methods of measuring progress toward complete satisfaction of a performance obligation
• Explain the accounting treatment of warranties where the customer has no option to purchase the warranty separately
• Explain the underlying criteria in customer options for additional goods or services
• Explain the accounting treatment for customers' unexercised rights
• List the criteria for a license to be accounted for at a point in time or overtime
• Define a bill-and-hold arrangement
• Review excerpts from a selection of public companies' revenue disclosures
Major Topics
• FASB ASC 606, Revenue from Contracts with Customers
• All recently released updates to ASC Topic 606, Revenue from Contracts with Customers
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