This course provides an overview of the revenue recognition standards prescribed by the Financial Accounting Standards Board (FASB) in ASC Topic 606.  This course focuses specifically on the five-step model for revenue recognition including identifying a contract, identifying performance obligations, determining the transaction price, allocating the transaction price to performance obligations, and recognizing revenue.           

Learning Objectives:

1. List the five steps involved in the new revenue recognition model
2. Recognize the considerations involved in identifying whether a contract exists
3. Identify the considerations involved with measuring the transaction price
4. Recognize the steps involved in allocating the transaction price to performance obligations