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