Revenue Recognition Principles and Standards

4 Credits: Accounting


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Revenue Recognition Principles and Standards

Course Level
CPE Credits

4 Credits: Accounting

Course Description

Revenue Recognition is an invaluable course for professionals seeking to deepen their understanding of one of the most vital aspects of accounting. This course thoroughly examines the recognition principles for contracts with customers, offering detailed insight into complex topics such as variable and noncash consideration, price discounts, consignments, licensing, and repurchase agreements. The course goes beyond theoretical knowledge, providing practical examples and addressing a wide range of peripheral issues related to revenue recognition. Participants will gain the skills to identify contract evaluation criteria, understand the accounting treatments of various customer-related clauses, and manage contract liabilities effectively. This course isn’t just about learning the standards; it’s about applying them in real-world situations, enhancing your ability to handle revenue recognition with confidence and precision.

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Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Identify the evaluation criteria for a contract, the components of the transaction price, and when a contract modification triggers treatment as a new contract

Chapter 2

  • Recognize the accounting treatment pertaining to customer acceptance clauses, rights to acquire additional goods, donations, asset repurchases, and breakage

Chapter 3

  • Recognize the situations under which contract liabilities occur, and when disaggregation is used

Chapter 4

  • Specify the methods used to control which third parties are recognized as customers and to control the use of justification documents for standalone pricing
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Course Specifics

Course ID
Revision Date
March 28, 2023

There are no prerequisites.

Advanced Preparation


Number of Pages

Compliance Information

NASBA Provider Number: 103220

CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

Meet The Experts

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 300 business books and courses. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast. Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and …