U.S. GAAP: Revenue Recognition

Instructor: Kelen Camehl, CPA, MBA

Format

Course - Online

Duration

1.5 hours

This course discusses U.S. GAAP accounting for revenue recognition under the new standard recently issued by the Financial Accounting Standards Board (FASB), including objectives of the new standard, the five steps for recognising revenue, and requirements for disclosure.

Learning outcomes

Recall aspects of development and issuance of the new standard
Identify and recognise criteria to apply the five steps for revenue recognition under FASB ASC 606 by: determining whether a contract exists, identifying the performance obligations in a contract, determining the transaction price, allocating the transaction price to performance obligations, and determining when to recognise revenue
Identify disclosure requirements and transition methods related to the new standard

£39.00 (CIMA members only)

£49.00

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Product information

Overview

This course discusses U.S. GAAP accounting for revenue recognition under the new standard recently issued by the Financial Accounting Standards Board (FASB), including the new standard’s objectives, main provisions, and disclosure requirements.

It outlines the five-step revenue recognition process: identifying the contract; identifying the performance obligations; determining the transaction price; allocating the transaction to performance obligations; and recognising revenue as obligations are satisfied.

This course is included in the U.S. GAAP Fundamentals for Finance Professionals Certificate.

Topics discussed:

Revenue recognition guidelines under FASB ASC 606
Five-step revenue recognition process
Disclosure requirements
Transition methods

Who should take this course?

Accounting and finance professionals who work for enterprises required to comply with U.S. GAAP or are interested in understanding U.S. accounting fundamentals.