The effective date of FASB ASC 606, Revenue from Contracts with Customers is upon us (bold) Do you know which contracts are within the scope of the standard and when revenue should be recognized? This webcast addresses the requirements of FASB ASC 606's five-step process for recognizing revenue: 1) Identifying a contract with a customer 2) Determining the performance obligations 3) Determining a transaction price 4) Allocating a transaction price 5) Recognizing revenue
Learning Objectives
- Apply principles of FASB ASC 606
- Determine requirements for identifying a contract under FASB ASC 606
- Apply performance obligations under FASB ASC 606
- Determine requirements for determining a transaction price under FASB ASC 606
- Determine requirements for allocating a transaction price under FASB ASC 606
Major Topics
· 5-step process for recognizing revenue
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