Revenue: Overview of ASC 606

ASC 606 Revenue from Contracts with Customers provides a comprehensive revenue recognition model that applies to a wide range of transactions in all industries. In this CPE-eligible, eLearning course (1.0 CPE) we look at the core principle of ASC 606 and provide an overview of the revenue recognition requirements under U.S. GAAP. You learn about the 5-step model for recognizing revenue found within ASC 606 by going through each step, and then have a chance to apply what you’ve learned by completing a comprehensive case study. 

Topics covered in this Overview of ASC 606 CPE course include:

• Introducing ASC 606, Revenue Recognition from Contracts with Customers and overview of the 5-step model
• Step 1: Identify the contract with a customer
• Step 2: Identify performance obligations
• Step 3: Determine the transaction price
• Step 4: Allocate the transaction price to performance obligations
• Step 5: Recognize revenue
• Case study - Applying the 5-step model

If you’re new to accounting for or auditing revenue under U.S. GAAP, this online course is for you! In subsequent online courses, we dive into the details of each of the steps within the 5-step model prescribed by ASC 606. This is the first course in our 7-part revenue recognition training series. Check out our ASC 606 course collection, linked below, for more details!

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 By the end of this course, you should be able to: 

• Recall the core principle and steps for recognizing revenue from contracts with customers 
• Apply the 5-step model to revenue transactions