Us Gaap Asc 606 Revenue Recognition

ASC 606: A Comprehensive Guide to Revenue From Contract With Customers under US GAAP

What you'll learn

Core principles of US GAAP - ASC 606 and its impact on revenue recognition.

How to apply the five-step revenue recognition model.

Methods for identifying Contract with customers, performance obligations, Transaction price, Allocation of transaction price to performance obligation and recog

Techniques for handling variable consideration and timing of revenue recognition.

Special consideration to recognize revenue for long term contracts, installment sales, breakage, franchisee revenues, deferred revenue etc.

Key disclosure requirements for transparency and compliance.

Practical insights. Illustrations, practice questions and industry-specific applications.

By the end, you’ll understand ASC 606 essentials for accurate and compliant financial reporting.

Requirements

Accounting background would be desirable, but not a must

Description

ASC 606: A Comprehensive Guide to Revenue From Contract With Customers under US GAAPGain a clear understanding of ASC 606, the US GAAP standard for revenue recognition, and master the essential skills needed for accurate and compliant financial reporting. This course simplifies the complexities of ASC 606 and provides actionable insights for real-world applications.What You’ll LearnCore principles of ASC 606 and its impact on financial reporting.The five-step revenue recognition model explained in detail.How to identify contracts, performance obligations, and transaction prices.Methods for allocating transaction prices and recognizing revenue.Techniques to address unique scenarios like variable consideration, deferred revenue, and long-term contracts.Key disclosure requirements for compliance and transparency.Practical applications with examples, practice questions, and industry-specific insights.Course HighlightsThis course is structured into clear, focused modules, covering everything from contract identification to revenue recognition and special cases like installment sales, franchise fees, and breakage. You’ll explore advanced topics like disaggregation of revenue, contract assets and liabilities, and principal-agent relationships.Whether you're an accounting professional, a financial analyst, or a business owner, this course provides the knowledge and tools you need to confidently apply ASC 606 in practice. With step-by-step guidance, real-world examples, and practical exercises, you’ll leave the course prepared to handle revenue recognition challenges with ease.Enroll now to build your expertise in ASC 606 and advance your financial reporting skills!

Overview

Section 1: Introduction

Lecture 1 US GAAP ASC 606 Overview

Section 2: Step 1 Identification of Contract with Customers

Lecture 2 Step 1 Identification of Contract with Customers

Section 3: Step 1 Practice Question of Step 1 Identification of Contract with Customers

Lecture 3 Step 1 Practice Question of Step 1 Identification of Contract with Customers

Lecture 4 Step 2 Identify Performance Obligations (PO) in the Contract

Section 4: Step 3 Determining the Transaction Price

Lecture 5 Step 3 Determining the Transaction Price

Section 5: Revenue from Long Term Contracts

Lecture 6 Revenue from Long Term Contracts

Section 6: Instalment Sales

Lecture 7 Step 4 Allocation of Transaction Price to the Performance Obligation in the Cont

Section 7: Deferred Revenue

Lecture 8 Deferred Revenue

Section 8: Miscellaneous Topics

Lecture 9 Instalment Sales

Section 9: Breakage

Lecture 10 Breakage

Section 10: Disaggregation of Revenue Analysis

Lecture 11 Disaggregation of Revenue Analysis

Section 11: Franchise Fee Revenue

Lecture 12 Franchise Fee Revenue

Section 12: Non Governmental

Lecture 13 Step 5 Recognize Revenue when the Entity Satisfies a Performance Obligation

Lecture 14 Non Governmental

Lecture 15 Miscellaneous Topics

This course is intended for working professionals as well as students who wish to gain an understanding of US GAAP