Revenue Recognition Under ASC 606 2024

Overview

Learn the five-step revenue recognition process in ASC 606 through real-world examples that illustrate the impact on revenue recognition practices.

Highlights

• Five-step process to recognize revenue under ASC 606
• Step 1: Identify the contract
• Step 2: Identify the performance obligations
• Step 3: Determine the transaction price
• Step 4: Allocate the transaction price
• Step 5: Recognize revenue

Prerequisites

None

Designed For

CPAs, auditors and financial professionals.

Objectives

• Recognize the scope of ASC 606
• Identify critical terms and definitions under ASC 606
• Determine the impact of ASC 606 on reporting entities

Preparation

None

Notice

This course is offered by a 3rd party vendor. Login instructions will not be accessible in the My CPE Tracker section of the ISCPA website. Login instructions will be emailed directly to you by California Education Foundation (CalCPA).