Section 606, Revenue from Contract with customers is one of the most significant standards ever written. The impact will vary by entity, but standard will need to applied to all entities reporting under GAAP. The new standard does away with many specific rules and replaces them with a framework for revenue recognition.
In this in-depth course, Jeff Sailor will bring his truly unique presentation style to cover the most important aspects of the standard you need to know. In addition, he will include his signature video parodies, which are designed to keep you awake and reinforce the material.
Upon successful completion of this course, the participant should be able to:
- Identify to whom this standard applies
- Describe the five steps of the framework
- Apply the provisions to identify the contract
- Apply the provisions to identify the separate performance obligations
- Apply the provisions to determine the transaction price
- Apply the provisions to allocate the transaction price
- Apply the provisions to recognize revenue as the performance obligations are satisfied
- Describe the required disclosures
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