Revenue Recognition (Currently Unavailable)

Author: Steven Bragg

CPE Credit:  4 hours for CPAs

Revenue Recognition describes the five-step process for recognizing revenue related to contracts with customers.

The discussion includes the establishment of a contract, the determination of performance obligations, and how to set and allocate prices. The course covers many ancillary topics as well, including the treatment of variable consideration, noncash consideration, price discounts, subsequent price changes, consignments, licensing, repurchase agreements, disclosures, and much more.

Publication Date: July 2014

Topics Covered

  • Revenue Recognition
  • Revenue Topics
  • Revenue Presentations and Disclosure
  • Management of Revenue Recognition

Learning Objectives

  • Identify the evaluation criteria for a contract, the components of the transaction price, and when a contract modification triggers treatment as a new contract.
  • Recognize the accounting treatment pertaining to customer acceptance clauses, rights to acquire additional goods, donations, asset repurchases, and breakage.
  • Recognize the situations under which contract liabilities occur, and when disaggregation is used.
  • Note the methods used to control which third parties are recognized as customers, and to control the use of justification documents for standalone pricing.

Level
Overview

Instructional Method
Self-Study

NASBA Field of Study
Accounting (4 hours)

Program Prerequisites
None

Advance Preparation
None

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