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

For many organizations, the single most critical accounting topic is the recognition of revenue–when can it be recognized and how much do you recognize? If you don’t recognize the correct amount of revenue, it may be necessary to engage in adjustments at a later date, which can cause readers to doubt the veracity of your financial statements. In Revenue Recognition, we present the recognition principles needed to account for contracts with customers, using summarizations of the original accounting standards and many explanatory examples. A number of peripheral issues are also covered, including the treatment of variable consideration, noncash consideration, price discounts, subsequent price changes, consignments, licensing, repurchase agreements, disclosures, and much more.

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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


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 Headshot

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 250 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 …

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