Surgent's Revenue Recognition - Top Challenges in Applying ASC 606SU0445 25

 

Surgent's Revenue Recognition - Top Challenges in Applying ASC 606

May 1st, 2025 - April 30th, 2026 @ -

Member Price $159
Non-Member Price $189
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Credits

8

Description

This course provides an overview of critical challenges companies encounter under ASC 606, emphasizing several key areas that can be particularly challenging for effective revenue recognition. This includes identifying valid contracts, determining performance obligations, assessing variable consideration, and distinguishing between recognizing revenue over time versus at a point in time. The course also covers principal versus agent considerations, accounting for contract modifications, licensing arrangements, and disclosure requirements.

Objectives

  • 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
  • Recognize the criteria for determining if goods or services are separately identifiable
  • Determine the impact of customization on performance obligations in contracts
  • Identify different types of variable payments in contracts, including discounts, rebates, and bonuses

Major Subjects

  • Types of performance obligations
  • Bundled offerings
  • Customizations
  • Modifications to product specifications
  • Requests for additional services
  • Alterations in delivery timelines
  • Long-term contracts
  • Enforceability and payment terms

Prerequisites

None