Self-Study: Surgent's Revenue Recognition - Top Challenges in Applying ASC 606

Overview

This course provides an overview of critical challenges companies encounter under ASC 606, emphasizing several key areas that can be particularly challenging for effective revenue recognition. This includes identifying valid contracts, determining performance obligations, assessing variable consideration, and distinguishing between recognizing revenue over time versus at a point in time. The course also covers principal versus agent considerations, accounting for contract modifications, licensing arrangements, and disclosure requirements.

Highlights

• Types of performance obligations
• Bundled offerings
• Customizations
• Modifications to product specifications
• Requests for additional services
• Alterations in delivery timelines
• Long-term contracts
• Enforceability and payment terms

Prerequisites

None

Designed For

Accountants interested in Revenue Recognition and ASC 606

Objectives

• Identify the criteria for contract validity under ASC 606
• Recognize complexities in multiple contracts with the same customer
• Determine the effects of contract modifications on revenue recognition
• Differ

  Preparation

  None

  Notice

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