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 identifying valid contracts and determining performance obligations.
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-606CONT-29004 |
| Recommended CPE: | 2.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Overview |
| Prerequisites: | None |
| Advanced Preparation: | None |
| Recommended Field of Study: | Accounting
|
|
|
|
Learning Objectives
- Identify the criteria for contract validity under ASC 606.
- Recognize complexities in multiple contracts with the same customer.
- Determine the effects of contract modifications on revenue recognition.
- Differentiate between contract cancellations and terminations.
- Identify distinct performance obligations within contracts under ASC 606.
- Recognize the criteria for determining if goods or services are separately identifiable.
- Differentiate between bundled offerings and individual performance obligations.
- Determine the impact of customization on performance obligations in contracts.
- Recognize the impact of changes in customer requirements on performance obligations.