This course provides an overview of the revenue recognition standards prescribed by ASC Topic 606. This chapter focuses specifically on the five-step model for revenue recognition including identifying a contract, identifying performance obligation, determining the transaction price, allocating the transaction price to performance obligations, and recognizing revenue.
Course Series
This course is included in the following series:
8 CoursesGAAP Hot Topics - What You Need to Know
- GAAP Hot Topics - What You Need to Know Chapter 1: Accounting for Business Combinations (Text Based Course)
- GAAP Hot Topics - What You Need to Know Chapter 2: Revenue Recognition (Text Based Course)
- GAAP Hot Topics - What You Need to Know Chapter 3: Lease Transactions (Text Based Course)
- GAAP Hot Topics - What You Need to Know Chapter 4: Goodwill Impairment (Text Based Course)
- GAAP Hot Topics - What You Need to Know Chapter 5: Segment Reporting (Text Based Course)
- GAAP Hot Topics - What You Need to Know Chapter 6: Accounting for Software (Text Based Course)
- GAAP Hot Topics - What You Need to Know Chapter 7: Accounting Changes & Error Corrections (Text Based Course)
- GAAP Hot Topics - What You Need to Know Chapter 8: Non-GAAP Financial Measures (Text Based Course)
Learning Objectives
- Discover and list the five steps involved in the new revenue recognition model.
- Recognize the considerations involved in identifying whether a contract exists.
- Identify the considerations involved with measuring the transaction price.
- Recognize the steps involved in allocating the transaction price to performance obligations.
Last updated/reviewed: August 10, 2023
- 1. Managing Cash Flow (Text Based Course)
- 2. Accounting Standards Codification (ASC) 326 - Current Expected Credit Losses (CECL)
- 3. Overview of SEC Compliance and Reporting for Public Companies
- 4. Internal Controls to Mitigate Financial Reporting Risk - Designing Stronger Internal Controls for Small or Mid-Size Entities
- 5. Bookkeeping: Payroll And Expenses
- 6. Preparing Consolidated Financial Statements under ASC 805, ASC 810, IFRS 3 and IFRS 10
- 7. Do I Have a Lease? (Text Based Course)
- 8. The Impact of Environmental, Social, and Governance (ESG)- Related Matters on Financial Statements and Audits
- 9. Non-GAAP Financial Measures - What You Need to Know (Text Based Course)
- 10. The Closing Process
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Prerequisites
Course Complexity: Foundational
No advanced preparation or prerequisites are required for this course.
Education Provider Information
Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA
95113
Contact:
For more information regarding this course, including complaint and
cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to
.
Kelen CamehlCPA, MBA