This course provides an overview of the second step in the revenue recognition process - the identification of performance obligations. This includes a discussion of key definitions and considerations along with the detailed accounting guidance from ASC Topic 606. This course incorporates excerpts from the FASB's basis for conclusions as well as post-implementation information provided by the FASB from its comprehensive Q&A Publication.
Learning Objectives
Upon completion of this course, you will be able to:
List the five steps involved in the new revenue recognition model
Recognize the criteria involved in identifying performance obligations
Identify post-implementation issues and considerations provided by the FASB
Major Topics
Changes Needed to Revenue Recognition
Promised Goods or Services
Do Promised Goods/Service Represent Performance Obligations?
Post-Implementation Issues
Quantitative vs. Qualitative
Pre-Production Activities
Product Warranties
Optional Purchases
Franchisor Considerations
