Description

Mastering revenue recognition

It's crucial to know the key principles of revenue recognition to recognize revenue effectively. You'll gain an understanding of these key principles by exploring the five-step revenue recognition process.

You’ll learn more about:

- Identifying a customer contract

- Determining performance obligations

- Establishing a transaction price

- Allocating the transaction price

- Recognizing revenue

Fulfilling performance obligations

Enhancing financial acumen through practical management strategies and real-world examples can significantly improve your organization's ability to excel in revenue recognition practices.

You’ll cover several aspects of performance obligations, including:

- Identifying distinct goods and services

- Implications of promised goods

- Complexities associated with shipping and handling activities

Instructor: Renee Rampulla

Target Audience

Accountants in public practice, industry and academia who need an update on the latest revenue recognition guidance

Course Objectives

· Identify principles and requirements of revenue recognition.

· Identify requirements for identifying a contract with a customer.

· Determine performance obligations.

· Identify requirements for determining and allocating a transaction price.

· Identify special considerations for implementing FASB ASC 606 and FASB ASC 340-40.

· Identify financial accounting and reporting requirements.

Subjects

· Revenue recognition overview

· Identifying the contract with a customer and performance obligations

· Transaction price

Prerequisites

Experience in application of accounting standard