This course, the first in a three-course series, concentrates on the Five Steps approach 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 the Five Steps to revenue recognition under ASC Topic 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
Major Topics
• FASB ASC Topic 606, Revenue from Contracts with Customers
• All recently released updates to ASC Topic 606, Revenue from Contracts with Customers
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