Revenue Recognition Fundamentals
KPMG Executive Education
How long?
- 1 day
- in person
KPMG Executive Education
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About the course
ASC Topic 606 / IFRS 15, Revenue from Contracts with Customers, has significantly impacted many companies upon adoption. A single 5-step model for all transactions and all industries! Whether you report under U.S. GAAP or IFRS, this 1-day course, provides you with the necessary information to gain a fundamental understanding of how and when revenue is to be recognized. Discussion-based scenarios and other group activities highlight significant challenges and application issues requiring consideration by companies applying the standard.
Topics Covered Include:
- Overview of the New Standard
- Core principal and 5-step model
- Scope
- Effective dates
- Industry impacts
- Walkthrough of the 5-step Model
- Step 1: Identify the contract with a customer
- Step 2: Identify the performance obligations in the contract
- Step 3: Determine the transaction price
- Step 4: Allocate the transaction price to the performance obligations in the contract
- Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation
- Other Issues and Considerations
- Contract modifications
- Material rights
- Principal vs. agent considerations
- Contract costs
- Licensing arrangements
- And more...
- Disclosures
- Learning from initial adopters
- Disclosure requirements, including non-public entity elections
Videos and materials
Revenue Recognition Fundamentals at KPMG Executive Education