Upon successful completion of this course, participants will be able to: 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 Identify different types of variable payments in contracts, including discounts, rebates, and bonuses Recognize the importance of accurate estimation of variable payments for revenue recognition Determine appropriate methods for estimating uncertain payment amounts Distinguish between contracts with and without significant financing components Recognize factors that impact the time value of money in long-term payment contracts Identify factors that influence the determination of control transfer in a contract Recognize implications of transferring control over time versus at a specific point in time Distinguish between obligations that satisfy control transfer over time at a point in time Determine the significance of contract terms in assessing when control transfers to a customer Identify key factors that determine whether an entity acts as a principal or an agent Recognize the impact of principal agentclassifications on revenue recognition Determine steps for accurately assessing principal and agent roles in revenue transactions Recognize best practices for conducting principal agentevaluations Identify when a contract modification is treated as a new contract or continuation of an existing one Recognize when additional goods or services in a modification are distinct Determine if the price adjustment reflects the standalone selling prices of the new goods or services Differentiate between contract modifications as separate contracts or part of the existing agreement Select the appropriate revenue recognition method for a contract modification Identify criteria for determining whether a license is distinct under ASC 606 Distinguish between licenses that grant a right to use IP and those that grant a right to access IP Recognize the differences between functional and symbolic intellectual property IP Determine when revenue should be recognized for licenses involving functional IP Select the appropriate revenue recognition method for licenses that provide access to evolving IP Identify key financial statement disclosure requirements under ASC 606 for revenue recognition Recognize required disclosures about contract nature and revenue policies Identify the timing of revenue recognition disclosures based on ASC 606 guidelines

Identifying the Contract with the Customer Multiple Contracts with Same Customer Enforceability & Payment Terms Contract Modifications Determining Performance Obligations Understanding Performance Obligations Promised Goods or Services Changes in Customer Requirements Long-Term Contracts Variable Consideration and Significant Financing Components Methods to Estimate Variable Consideration Significant Financing Components Recognizing Revenue Over Time vs. Point in Time Principal vs. Agent Considerations Accounting for Contract Modifications Licensing Arrangements and Intellectual Property Nature of License License Renewals Financial Statement Disclosures Revenue Recognition Disclosures Contracts with Customers Assets Recognized from Costs to Obtain or Fulfill a Contract