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Author: |
Kelen Camehl, CPA, MBA |
Course Length: |
Pages: 31 ||| Word Count: 14,415 ||| Review Questions: 6 ||| Final Exam Questions: 10 |
CPE Credits: |
2.0 |
IRS Credits: |
0 |
Price: |
$17.95 |
Passing Score: |
70% |
Course Type: |
Text |
Technical Designation: |
Technical |
Field Of Study: |
Accounting |
Approved Audience: |
NASBA QAS - NASBA Registry |
Key Takeaways: |
This course provides a comprehensive overview of the five step revenue recognition model under ASC 606, focusing on identifying contracts and allocating transaction prices.
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Frequently Asked Questions: |
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Description: |
This course provides an overview of the revenue recognition principles under ASC 606. It focuses specifically on the five-step model for recognizing revenue, including identifying contracts, measuring transaction prices, and allocating those prices to performance obligations. |
Usage Rank: |
35000 |
Release: |
2025 |
Version: |
1.0 |
Prerequisites: |
None. |
Experience Level: |
Overview |
Additional Contents: |
Complete, no additional material needed. |
Additional Links: |
External: Revenue Recognition
Internal: Revenue Recognition - Practical Guide (Course Id 2178)
Internal: Revenue Recognition - Top Challenges in Applying ASC 606
External: IRS Notice 2015‑40
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Advance Preparation: |
None. |
Delivery Method: |
QAS Self Study |
Intended Participants: |
Anyone needing Continuing Professional Education (CPE). |
Revision Date: |
21-Feb-2025 |
NASBA Course Declaration: |
Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
Keywords: |
Revenue Recognition - Mastering the 5 Steps of ASC 606 - CPE course for CPAs |
Learning Objectives: |
Course Learning Objectives Upon completion of this course, you will be able to:
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Course Contents: |
Chapter 1 - Revenue Recognition - Mastering the 5 Steps of ASC 606 Course Learning Objectives Course Overview Introduction Step 1: Identify the Contract(s) with a Customer Step 2: Identify the Performance Obligations in the Contract Review Questions Step 3: Determine the Transaction Price Step 4: Allocate Transaction Price to Performance Obligations Step 5: Recognize Revenue When (or as) Performance Obligations are Satisfied Conclusion Review Questions Glossary of Key Terms |
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