Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know
Presenter
Martin Birr,
Trustee Lecturer in Accounting,
Kelley School of Business at Indiana University
Overview
The effective date of FASB ASC 606, Revenue from Contracts with Customers, is here! Do you know which contracts are within the scope of the standard and when revenue should be recognized at a point in time or over time? This course answers those questions by providing a basic understanding of the five-step process for recognizing revenue under FASB ASC 606. Supported by practical examples, this course addresses core principles that all CPAs need to know. Updates to this course include the latest guidance from FASB, industry-specific examples taken from the AICPA's Revenue and Recognition: Audit and Accounting Guide, as well as disclosure illustrations.
Learning Objectives:
- Recognize principles of FASB ASC 606.
- Recognize requirements for identifying a contract under FASB ASC 606.
- Recognize performance obligations under FASB ASC 606.
- Recognize requirements for determining a transaction price under FASB ASC 606.
- Recognize requirements for allocating a transaction price under FASB ASC 606.
Major Topics:
- 5-step process for recognizing revenue
