Objective
- Identify the criteria for contract validity under ASC 606
- Recognize complexities in multiple contracts with the same customer
- Determine the effects of contract modifications on revenue recognition
- Differentiate between contract cancellations and terminations
- Identify distinct performance obligations within contracts under ASC 606
- Recognize the criteria for determining if goods or services are separately identifiable
- Differentiate between bundled offerings and individual performance obligations
- Determine the impact of customization on performance obligations in contracts
- Recognize the impact of changes in customer requirements on performance obligations
Highlights
- Types of performance obligations
- Bundled offerings
- Customizations
- Modifications to product specifications
- Requests for additional services
- Enforceability and payment terms
Designed For
Professionals interested in revenue recognition considerations under ASC 606Prerequisite
NoneAdvanced Preparation
None