ASC 606: Revenue from Contracts with Customers

Revenue is one of the most important measures in financial reporting, and ASC 606 applies to virtually every company that enters into contracts with customers. These ASC 606 CPE courses provide a comprehensive, step-by-step look at revenue recognition under U.S. GAAP, with practical examples designed to help accountants and auditors apply the guidance to real contracts.

Across seven self-study courses, the collection walks through ASC 606's five-step model: identifying the contract with a customer, identifying performance obligations, determining the transaction price, allocating the transaction price to performance obligations, and recognizing revenue when or as performance obligations are satisfied. The courses also address the judgments and practical application issues that arise within each step of the model.

Topics covered include:

• Overview of requirements for recognizing revenue under U.S. GAAP
• Step 1: Identify the contract with a customer
• Step 2: Identify the performance obligations
• Step 3: Determine the transaction price
• Step 4: Allocate the transaction price to performance obligations
• Step 5: Recognize revenue when or as performance obligations are satisfied
• ASC 606 application issues

Further details

The collection follows ASC 606, Revenue from Contracts with Customers in the same sequence as the standard's five-step model. It begins with identifying the contract and determining which promises in that contract are performance obligations. Those first two steps establish the unit of account and provide the foundation for everything that follows.

The middle of the learning path focuses on measurement. Learners determine the transaction price, consider the judgments that can affect that amount, and then allocate the transaction price to the identified performance obligations. The final step addresses when revenue is recognized - at a point in time or over time - based on when or as control of the promised goods or services transfers to the customer. The final course dives into some of the specific application issues with respect to ASC 606, including principal vs. agent guidance, material rights, and contract modifications.

Across seven courses, the emphasis is not simply on reciting the five steps. The training is designed to help learners recognize where contract terms, estimates, and judgments can change the accounting and to apply the model consistently to real customer arrangements.

Who will benefit

These ASC 606 CPE courses are designed for revenue accountants, controllers, contract-accounting and financial reporting teams, and auditors who prepare or review revenue recognition under U.S. GAAP. They are equally useful for professionals learning ASC 606 for the first time and experienced teams facing new contract structures, significant judgments, or recurring questions about performance obligations, transaction price, allocation, and timing of revenue.

Value proposition

Purchase all 7 courses for $399 instead of $690 if purchased separately—a savings of $291.

Interested in group discounts? Contact us today to learn more.