This course provides an overview of critical challenges companies encounter under ASC 606, emphasizing several key areas that can be particularly challenging for effective revenue recognition. This includes licensing arrangements, with an emphasis on how to recognize revenue from agreements that grant customers rights to use or access intellectual property. This course also addresses the requirements and challenges with respect to financial statement disclosures.
Course Publication Date:
December 17, 2024
This course is available with
NO ADDITIONAL FEE if you have an active
self study membership or
all access membership or can be purchased for
$20.00!
| Author: | Kelen Camehl |
| Course No: | ACT-606LICEN-29004 |
| Recommended CPE: | 2.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Overview |
| Prerequisites: | None |
| Advanced Preparation: | None |
| Recommended Field of Study: | Accounting
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Learning Objectives
- Identify criteria for determining whether a license is distinct under ASC 606.
- Distinguish between licenses that grant a right to use IP and those that grant a right to access IP.
- Recognize the differences between functional and symbolic intellectual property IP.
- Determine when revenue should be recognized for licenses involving functional IP.
- Select the appropriate revenue recognition method for licenses that provide access to evolving IP.
- Identify key financial statement disclosure requirements under ASC 606 for revenue recognition.
- Recognize required disclosures about contract nature and revenue policies.
- Identify the timing of revenue recognition disclosures based on ASC 606 guidelines.