Revenue: Specific Issues

Now that you have a good understanding of accounting for revenue recognition in accordance with U.S. GAAP and the 5-step model found within ASC 606 Revenue from Contracts with Customers, it’s time to dive into some specific issues associated with the revenue recognition standard. Do you know how to identify a material right in a contract? What about identifying whether you are a principal or an agent? How about accounting for contract modifications? This CPE-eligible, eLearning course (1.0 CPE) has you covered, answering those questions and more! This online course also covers other practical application issues associated with the 5-step model such as accounting for warranties and right of return.

This is the seventh course in our 7-part revenue recognition training series.

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

• Recall the appropriate accounting treatment for contract modifications
• Recognize whether a warranty within a contract represents a separate performance obligation 
• Identify whether a customer option to acquire additional goods or services represents a material right 
• Recall the proper accounting related to a customer's right of return within a contract  
• Recognize whether an entity is acting as a principal or an agent in a revenue transaction