Interpreting the New Revenue Recognition Standard  (CL4INRR)

4.00 CPE Credit Hours

Do you know which contracts are within the scope of FASB *Accounting Standards Codification* (ASC) 606, *Revenue from Contracts with Customers*, and when revenue should be recognized according to this standard? This course answers those questions by providing a basic understanding of the five-step process for recognizing revenue under FASB ASC 606. This course addresses core principles, supported by practical examples, that all CPAs need to know. Updates to this course include the latest guidance from FASB, with industry-specific examples from the AICPA Audit and Accounting Guide *Revenue Recognition*.

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

When you complete this course, you will be able to:

• Recognize core principles of FASB ASC 606
• Recognize requirements for identifying a contract under FASB ASC 606
• Recognize performance obligations under FASB ASC 606
• Recognize requirements for determining a transaction price under FASB ASC 606
• Recognize requirements for allocating a transaction price under FASB ASC 606
• Identify the requirements for recognizing revenue

• Revenue recognition overview
• Identifying the contract with a customer and performance obligations
• Transaction price