Topics covered include:
ASC Topic 606, Revenue from Contracts with Customers;
Overview of Revenue Recognition;
Five Steps to Revenue Recognition Model;
Rights of Return;
Gross vs. Net;
Upon completing this course, you should be able to:
Recognize the principles of ASC Topic 606, Revenue from Contracts with Customers;
Identify and address key issues in implementing the provisions of ASC Topic 606;
Identify the five steps in the new revenue recognition model;
Recognize when entities are required to disclose information about methods, inputs, and assumptions;
Identify a required disclosure for private companies with respect to revenue recognition;
Identify a transition consideration as it relates to business practices.
Basic understanding of revenue recognition concepts.