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 distinguishing between recognizing revenue over time versus at a point in time as well as principal versus agent considerations.
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-606TIMING-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 factors that influence the determination of control transfer in a contract.
- Recognize implications of transferring control over time versus at a specific point in time.
- Distinguish between obligations that satisfy control transfer over time vs. at a point in time.
- Determine the significance of contract terms in assessing when control transfers to a customer.
- Identify key factors that determine whether an entity acts as a principal or an agent.
- Recognize the impact of principal vs. agent classifications on revenue recognition.
- Determine steps for accurately assessing principal and agent roles in revenue transactions.
- Recognize best practices for conducting principal vs. agent evaluations.