This course is dedicated to Step One of the new revenue recognition model “Identify the Contract”. Previous courses have outlined each of the individual five steps of the model and provided case examples. We have also developed two broad case study courses that cover scenario examples for each of the five steps.
In order to focus directly on aspects within each step, we are creating individual courses with multiple case scenarios that apply to the individual given steps. This course applies to Step One – Identify the Contract. The course includes the many components that must be considered for a contract to be in place and enforceable. We also review case scenarios that cover contract modifications and practices, contract combinations and other elements included in Step One.
After taking this course, you should be able to effectively apply your understanding of Step One of the revenue recognition model to specific scenarios within your business. Each learning objective listed utilizes multiple examples from various industries to help interpret and practice the concept.
Learning Objectives
- Explore scenarios for Identify the Contract.
- Explore scenarios for contract existence.
- Explore scenarios for contract modifications.
- Explore scenarios for unpriced change orders.
- Explore scenarios for modifications applying the cumulative catch-up method.
- Explore scenarios for contract combinations.
Included In Certifications
This course is included in the following Certification Programs:
16 CoursesRevenue Recognition Certification
- Revenue Recognition Standard Overview
- Revenue Recognition: Identify The Contract Part 1
- Revenue Recognition: Identify The Contract Part 2
- Revenue Recognition: Performance Obligations Part 1
- Revenue Recognition: Performance Obligations Part 2
- Revenue Recognition: Transaction Price Part 1
- Revenue Recognition: Transaction Price Part 2
- Revenue Recognition: Allocating Transaction Price
- Revenue Recognition: Recognize Revenue
- Revenue Recognition: Scenarios For Identify The Contract
- Revenue Recognition: Scenarios For Performance Obligations
- Revenue Recognition: Scenarios For Transaction Price
- Revenue Recognition: Scenarios For Transaction Price And Recognize Revenue
- Revenue Recognition: Case Scenarios Part 1
- Revenue Recognition: Case Scenarios Part 2
- Revenue Recognition COVID Implications
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Prerequisites
No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the other courses in the series prior to completing this one.