Revenue – Five Steps to Recognition

This course provides an overview of the revenue recognition standards prescribed by the Financial Accounting Standards Board (FASB) in ASC Topic 606.  This course 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.          

Learning Objectives

Upon completion of this course, you will be able to:

·       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

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
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