Complying with the Revenue Recognition – Step 5 Recognize Revenue

Author: Lynn Fountain

The new revenue recognition standard outlines five steps for proper compliance. At the surface, these steps seem simplistic. However, there are many components that should be considered within each step based on your process and industry. Previous courses in this series have covered the standard at a high level and evaluated steps one through four of the standard. They are: • Complying with the Revenue Recognition Standard • Revenue Recognition: Considerations for Identifying the Contract - Part One and Part Two • Revenue Recognition: Considerations for Performance Obligations – Part One and Part Two • Revenue Recognition: Considerations for Transaction Price – Part One and Part Two • Revenue Recognition: Allocate Transaction Price to Performance Obligations Upon successful completion of this course, participants will be able to: • Explore how to recognize revenue in step five of the new revenue recognition standard. • Explore how to recognize revenue over a period of time • Explore how to manage revenue satisfied at a point in time • Explore how to measure progress of performance obligations and properly recognize revenue. • Identify restrictions for measuring progress • Identify principles for measuring progress

Publication Date: September 2023

Designed For
Accountants and Finance professionals, Auditors, Executive management/ Board members and Audit Committee members, and Legal and Compliance professionals.

Topics Covered

• Review the Recognition Standard Steps One through Four at a high level with brief examples
• Explore step five: Recognize Revenue
• Delve into aspects of step five
• Identify how to recognize revenue satisfied over a period of time

Learning Objectives

• Recognize revenue in step five of the new revenue recognition standard
• Recognize revenue over a period of time
• Recognize how to manage revenue satisfied at a point in time
• Identify criterion three - alternative use asset
• Identify an alternative use asset example

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
None

Advance Preparation
None