Revenue: Identify Performance Obligations (Step 2 of ASC 606)
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Description
Now that you’ve been introduced to the 5-step model within ASC 606, Revenue from Contracts with Customers, it’s time to take your learning to the next level! In this CPE-eligible, eLearning course (0.5 CPE), we dive into step 2, identifying performance obligations.In step 2, an entity must first identify any promised goods and services within a contract and then determine which of those goods and services are separate performance obligations. Why is identifying performance obligations so important? Because it determines when and how much revenue should be recognized by the entity for each performance obligation! In this online course, we cover the process of identifying a contract’s performance obligations, including important considerations and application guidance within ASC 606 related to step 2.
This is the third course in our 7-part revenue recognition training series.
This course is included in the following collections:
Learning Objective
- Recall the requirements of identifying performance obligations in a contract, including the related criteria to be used
Additional Information
| Last Updated | 08/01/2023 |
|---|---|
| CPE Credit | 0.5 |
| Field of Study | Accounting |
| Instructional Delivery Method | QAS Self Study |
| Knowledge Level | Overview |
| Prerequisites | None |
| Advanced Preparation | None |
| Expiration | This course, collection, or subscription expires one year from the date of purchase. The post-course assessment for each course must be satisfactorily completed, as evidenced by a passing grade of at least 70%, by the expiration date to be awarded any qualifying continuing professional education (CPE) credit. |
| Refund or Cancellation Policy | For more information regarding refunds, concerns, and program cancellation policies, please contact the GAAP Dynamics Support Team via email at support@gaapdynamics.com or call (804) 897-0608. |
$70
0h 30m
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