Revenue Recognition Principles

Field of Study: Accounting
Study Level: Basic
Prerequisites: None

Course Description: 

Starting in 2018, calendar year public filers are required to apply the new revenue recognition standards prescribed by ASC Topic 606. This course provides an overview of this new standard prescribed by the Financial Accounting Standards Board (FASB) that was issued in May 2014. The new standard became effective for public business entities for annual reporting periods after December 15, 2017, including interim periods within that reporting period. For nonpublic entities, the new standard is required to be adopted a year later.

Learning Objectives:

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

  • recognize how the new revenue recognition standards were developed between the FASB and IASB
  • pinpoint 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
  • identify presentation issues with respect to contract assets and contract liabilities
  • understand the overall disclosure requirements and transition methods related to the new standards
  • recognize key amendments from ASUs issued subsequent to the initial release of the new revenue recognition standards
Released: 9/2018
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