The time for private entities to implement the FASB's latest standard on revenue recognition is quickly approaching. Revenue recognition (ASC 606) goes into effect for private entities for 2019. This course discusses FASB’s reasons for new revenue recognition guidance. Instructor Rod Redding reviews the five-step process for revenue recognition with detailed information and examples for each step. Also discussed are subsequently issued updates to the standard for topics such as licenses, principal versus agent, collectability, and performance obligations. Now is the time to make sure you understand these significant changes to revenue recognition for financial reporting.
After completing this course, you will be able to:
- Cite FASB's justification for new revenue recognition guidance.
- Identify the new five-step revenue recognition model.
- Recognize the details required to understand and implement the five-step model.
- Identify the subsequent modifications and additional guidance issued for topics such as licenses, principal versus agent, collectability, and performance obligations.
- Note examples and illustrations to help understand the guidance for revenue recognition.
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