Entities applying the new Accounting Standards Codification (ASC) Topic 606: Revenue from Contracts with Customers must follow five steps to revenue recognition:
Identify the contract with the customer
Identify performance obligations
Determine transaction price
Allocate the transaction price to performance obligations
Recognize revenue when each performance obligation is satisfied
This course briefly outlines each of the five steps, like Identify the Contract, Performance Obligations, Determine the Transaction Price, Allocate the Transaction Price and Recognize Revenue, and then works through various exercises and scenarios covering each of the steps. The course utilizes many examples from numerous industries to enhance the learning of the various concepts.
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