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ASC 606 has changed revenue recognition for many businesses that enter into contracts with customers to transfer goods or services – public, private and non-profit entities. Both public and privately held companies should be ASC 606 compliant. This informative series is a deep dive into the rules and regulations of ASC 606. Gain insights on the five steps approach as well as reviewing effective dates and the Special Implementation Guide.
Instructor: Bobbe Barnes, CPA, CMA, CGFM
This session will explore the the five steps to revenue recognition under ASC 606.
1: Identify the contract with a customer.
2: Identify the performance obligations in the contract.
3: Determine the transaction price.
4: Allocate the transaction price to the performance obligations in the contract.
5: Recognize revenue when (or as) the entity satisfies a performance obligation.
Outline several of the special issues addressed in ASC 606-10-55.
Describe the different methods of measuring progress toward complete satisfaction of a performance obligation.
Explain the accounting treatment of warranties where the customer has no option to purchase the warranty separately.
Review the objective of disclosure under ASC 606. Explain the elections available to nonpublic entities regarding disclosure under ASC 606. Illustrate, measure, present and disclose other assets and deferred costs relating to ASU 606.