Revenue: Identify the Contract with the Customer (Step 1 of ASC 606)
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Description
Often overlooked for the “sexier” steps within the 5-step model of ASC 606 Revenue from Contracts with Customers, identifying the contract with the customer in Step 1 is super important. Why? Well, if you don’t have a contract, you can’t recognize revenue! And whether a contract exists is dependent on meeting certain criteria, which we cover in detail during this CPE-compliant, eLearning course (0.5 CPE) using plenty of class examples. In addition, during this online course, we cover the relevant accounting if the criteria in Step 1 are not met at contract inception, as well as the requirement to combine contracts entered at or around the same time.
This is the second course in our 7-part revenue recognition training series.
This course is included in the following collections:
Learning Objectives
By the end of this course, you should be able to:
- Identify contracts with customers in revenue transactions
- Recall the proper accounting when the criteria for a contract are not met
Additional Information
| Last Updated | 08/07/2025 |
|---|---|
| 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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