Revenue Recognition Under ASC 606
Learn about the five-step revenue recognition process in ASC 606 through real-world examples illustrating how this will impact revenue recognition practices.
Five-step process to recognize revenue under ASC 606:
- Step 1: Identify the contract
- Step 2: Identify the performance obligations
- Step 3: Determine the transaction price
- Step 4: Allocate the transaction price
- Step 5: Recognize revenue
- Recognize the scope of ASC 606.
- Identify critical terms and definitions under ASC 606.
- Determine the impact of ASC 606 on reporting entities.
CPAs, auditors and financial professionals.
Applicable if you are a HSCPA member in good standing.
Applicable if you are not a HSCPA member.