This course addresses step five of the five-step process for revenue recognition under FASB ASC 606, Revenue from Contracts with Customers. Step five deals with identifying when the transfer of control occurs under FASB ASC 606 and whether a performance obligation is satisfied at a point in time or over time. This course also moves beyond step five to address special considerations, such as licensing, warranties and principal versus agent determinations. In addition to these special considerations, this course also deals with identifying requirements for recognizing incremental costs of obtaining a contract with a customer in accordance with FASB ASC 340-40, Other Assets and Deferred Costs — Contracts with Customers.
This course features a live instructor and has been specifically designed for the NJCPA.
DESIGNED FOR
Accountants and finance professionals who need an update on the latest revenue recognition guidance
BENEFITS
- dentify when the transfer of control to the customer occurs under FASB ASC 606.
- Identify when a performance obligation has been satisfied at a point in time under FASB ASC 606.
- Identify when a performance obligation has been satisfied over time under FASB ASC 606.
- Identify when revenue associated with a license is recognized at a point in time or over time under FASB ASC 606.
- Identify when a warranty represents a separate performance obligation or a guarantee under FASB ASC 606.
- Identify the difference between an entity acting as a principal and an agent in a transaction with a customer under FASB ASC 606.
- Identify requirements for recognizing incremental costs of obtaining a contract with a customer in accordance with FASB ASC 340-40
HIGHLIGHTS
- Transfer of control
- Performance obligations satisfied at a point in time
- Performance obligations satisfied over time
- Measuring progress toward complete satisfaction of a performance obligation
- Licensing
- Warranties
- Principal versus agent
- Incremental costs of obtaining a contract with a customer
COURSE LEVEL
Intermediate
PREREQUISITES
None
ADVANCE PREPARATION
None