Revenue: The Five Steps (Topic 606-10)

Description

This course, first in a three-course series, concentrates on the ASU 606, Revenue from Contracts with Customers. Address the Five Steps approach as covered in ASU 606 10-25.

Now is the time to get serious about adoption of ASC 606, Revenue from Contracts with Customers. With the issuance of a final standard—ASC 606, Revenue from Contracts with Customers—public companies have an implementation date after Dec. 15, 2017, and non-public companies, Dec. 15, 2018 (as amended).

Highlights

• FASB ASC 606, Revenue from Contracts with Customers
• All recently released updates to ASC 606, Revenue from Contracts with Customers

Objectives

• Outline the the Five Steps to revenue recognition under ASC 606.
• Identify the contract.
• Determine if the performance obligation is satisfied over time or at a point in time.
• Explain the concept of variable consideration and calculate the amount of variable consideration, if any.
• Allocate the transaction price to the performance obligations.
• Recognize revenue.

Designed For

CPAs, auditors, consultants, and financial and management professionals.