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Revenue Recognition Accounting Procedures Checklist and Implementation Guide

Revenue Recognition Accounting Procedures Checklist and Implementation Guide

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Revenue Recognition Accounting Procedures Checklist and Implementation Guide



Course Overview

This comprehensive course provides a detailed guide to revenue recognition accounting procedures, checklist, and implementation. Participants will gain a deep understanding of the principles and practices of revenue recognition, enabling them to apply this knowledge in real-world scenarios.



Course Objectives

  • Understand the principles of revenue recognition
  • Apply revenue recognition standards to various scenarios
  • Develop a comprehensive checklist for revenue recognition
  • Implement revenue recognition procedures in their organization
  • Analyze and resolve revenue recognition issues


Course Outline

Module 1: Introduction to Revenue Recognition

  • Overview of revenue recognition principles
  • History and evolution of revenue recognition standards
  • Key concepts and terminology
  • Importance of revenue recognition in financial reporting

Module 2: Revenue Recognition Standards

  • ASC 606 and IFRS 15: Overview and comparison
  • Five-step model for revenue recognition
  • Identifying performance obligations
  • Determining transaction price
  • Allocating transaction price to performance obligations

Module 3: Identifying Contracts with Customers

  • Definition of a contract
  • Identifying contract terms and conditions
  • Evaluating contract modifications
  • Combining contracts

Module 4: Performance Obligations

  • Identifying performance obligations
  • Evaluating distinct and non-distinct goods and services
  • Series of distinct goods and services
  • Standalone selling price

Module 5: Transaction Price

  • Determining transaction price
  • Variable consideration
  • Constraining estimates of variable consideration
  • Significant financing component
  • Non-cash consideration

Module 6: Allocating Transaction Price

  • Allocating transaction price to performance obligations
  • Relative standalone selling price
  • Discounts and allocation
  • Variable consideration and allocation

Module 7: Revenue Recognition Patterns

  • Recognizing revenue at a point in time
  • Recognizing revenue over time
  • Measuring progress towards completion
  • Output methods and input methods

Module 8: Contract Costs

  • Identifying contract costs
  • Capitalizing contract costs
  • Amortizing contract costs
  • Impairment of contract costs

Module 9: Disclosure Requirements

  • Disclosure requirements under ASC 606 and IFRS 15
  • Disclosing revenue recognition policies
  • Disclosing contract balances
  • Disclosing performance obligations

Module 10: Implementing Revenue Recognition

  • Developing a revenue recognition policy
  • Creating a revenue recognition checklist
  • Implementing revenue recognition procedures
  • Training personnel on revenue recognition

Module 11: Case Studies and Practical Applications

  • Real-world examples of revenue recognition
  • Case studies on complex revenue recognition scenarios
  • Practical applications of revenue recognition principles
  • Group discussions and exercises


Course Features

  • Interactive: Engaging video lessons, quizzes, and exercises
  • Comprehensive: In-depth coverage of revenue recognition principles and practices
  • Personalized: Learn at your own pace and track your progress
  • Up-to-date: Latest revenue recognition standards and best practices
  • Practical: Real-world examples and case studies
  • High-quality content: Expert instructors and reviewed content
  • Certification: Receive a certificate upon completion issued by The Art of Service
  • Flexible learning: Learn anywhere, anytime on your device
  • User-friendly: Easy-to-use platform and mobile-accessible
  • Community-driven: Discussion forums and community support
  • Actionable insights: Practical knowledge and skills
  • Hands-on projects: Apply revenue recognition principles to real-world scenarios
  • Bite-sized lessons: Short and focused lessons
  • Lifetime access: Access course materials for a lifetime
  • Gamification: Engaging and interactive learning experience
  • Progress tracking: Track your progress and stay motivated


Certificate of Completion

Upon completing this course, participants will receive a certificate issued by The Art of Service, recognizing their expertise in revenue recognition accounting procedures, checklist, and implementation guide.

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