Revenue Recognition Mastery: A Step-by-Step Guide to Accurate Financial Reporting
This comprehensive course is designed to provide participants with a thorough understanding of revenue recognition principles and practices. Upon completion, participants will receive a certificate issued by The Art of Service.Course Features - Interactive and engaging learning experience
- Comprehensive and up-to-date content
- Personalized learning approach
- Practical and real-world applications
- High-quality content developed by expert instructors
- Certificate of Completion issued by The Art of Service
- Flexible learning schedule
- User-friendly and mobile-accessible platform
- Community-driven discussion forum
- Actionable insights and hands-on projects
- Bite-sized lessons and lifetime access
- Gamification and progress tracking features
Course Outline Chapter 1: Introduction to Revenue Recognition
Topic 1.1: Overview of Revenue Recognition
- Definition and importance of revenue recognition
- Historical context and evolution of revenue recognition standards
- Key players and regulatory bodies involved in revenue recognition
Topic 1.2: Revenue Recognition Framework
- Five-step approach to revenue recognition
- Identifying the contract with the customer
- Identifying the performance obligations in the contract
- Determining the transaction price
- Allocating the transaction price to the performance obligations
- Recognizing revenue when (or as) the entity satisfies a performance obligation
Chapter 2: Identifying the Contract with the Customer
Topic 2.1: Definition of a Contract
- Written, verbal, or implied contracts
- Criteria for determining the existence of a contract
- Examples of contracts with customers
Topic 2.2: Identifying the Customer
- Definition of a customer
- Criteria for determining the identity of the customer
- Examples of customers in different industries
Chapter 3: Identifying the Performance Obligations in the Contract
Topic 3.1: Definition of a Performance Obligation
- Definition of a performance obligation
- Criteria for determining the existence of a performance obligation
- Examples of performance obligations in different industries
Topic 3.2: Identifying the Performance Obligations in a Contract
- Steps to identify the performance obligations in a contract
- Examples of contracts with multiple performance obligations
- Case studies of identifying performance obligations in different industries
Chapter 4: Determining the Transaction Price
Topic 4.1: Definition of the Transaction Price
- Definition of the transaction price
- Criteria for determining the transaction price
- Examples of transaction prices in different industries
Topic 4.2: Determining the Transaction Price in a Contract
- Steps to determine the transaction price in a contract
- Examples of contracts with variable consideration
- Case studies of determining the transaction price in different industries
Chapter 5: Allocating the Transaction Price to the Performance Obligations
Topic 5.1: Definition of Allocation
- Definition of allocation
- Criteria for allocating the transaction price to performance obligations
- Examples of allocation in different industries
Topic 5.2: Allocating the Transaction Price to Performance Obligations in a Contract
- Steps to allocate the transaction price to performance obligations in a contract
- Examples of contracts with multiple performance obligations
- Case studies of allocating the transaction price to performance obligations in different industries
Chapter 6: Recognizing Revenue When (or As) the Entity Satisfies a Performance Obligation
Topic 6.1: Definition of Revenue Recognition
- Definition of revenue recognition
- Criteria for recognizing revenue
- Examples of revenue recognition in different industries
Topic 6.2: Recognizing Revenue When (or As) the Entity Satisfies a Performance Obligation
- Steps to recognize revenue when (or as) the entity satisfies a performance obligation
- Examples of contracts with performance obligations satisfied over time
- Case studies of recognizing revenue when (or as) the entity satisfies a performance obligation in different industries
Chapter 7: Special Topics in Revenue Recognition
Topic 7.1: Warranties and Guarantees
- Definition of warranties and guarantees
- Accounting treatment for warranties and guarantees
- Examples of warranties and guarantees in different industries
Topic 7.2: Returns and Refunds
- Definition of returns and refunds
- Accounting treatment for returns and refunds
- Examples of returns and refunds in different industries
Topic 7.3: Breakage and Unredeemed Gift Cards
- Definition of breakage and unredeemed gift cards
- Accounting treatment for breakage and unredeemed gift cards
- Examples of breakage and unredeemed gift cards in different industries
Chapter 8: Revenue Recognition in Special Industries
Topic 8.1: Revenue Recognition in the Software Industry
- Overview of the software industry
- Revenue recognition principles in the software industry
- Examples of revenue recognition in the software industry
,
Chapter 1: Introduction to Revenue Recognition
Topic 1.1: Overview of Revenue Recognition
- Definition and importance of revenue recognition
- Historical context and evolution of revenue recognition standards
- Key players and regulatory bodies involved in revenue recognition
Topic 1.2: Revenue Recognition Framework
- Five-step approach to revenue recognition
- Identifying the contract with the customer
- Identifying the performance obligations in the contract
- Determining the transaction price
- Allocating the transaction price to the performance obligations
- Recognizing revenue when (or as) the entity satisfies a performance obligation
Chapter 2: Identifying the Contract with the Customer
Topic 2.1: Definition of a Contract
- Written, verbal, or implied contracts
- Criteria for determining the existence of a contract
- Examples of contracts with customers
Topic 2.2: Identifying the Customer
- Definition of a customer
- Criteria for determining the identity of the customer
- Examples of customers in different industries
Chapter 3: Identifying the Performance Obligations in the Contract
Topic 3.1: Definition of a Performance Obligation
- Definition of a performance obligation
- Criteria for determining the existence of a performance obligation
- Examples of performance obligations in different industries
Topic 3.2: Identifying the Performance Obligations in a Contract
- Steps to identify the performance obligations in a contract
- Examples of contracts with multiple performance obligations
- Case studies of identifying performance obligations in different industries
Chapter 4: Determining the Transaction Price
Topic 4.1: Definition of the Transaction Price
- Definition of the transaction price
- Criteria for determining the transaction price
- Examples of transaction prices in different industries
Topic 4.2: Determining the Transaction Price in a Contract
- Steps to determine the transaction price in a contract
- Examples of contracts with variable consideration
- Case studies of determining the transaction price in different industries
Chapter 5: Allocating the Transaction Price to the Performance Obligations
Topic 5.1: Definition of Allocation
- Definition of allocation
- Criteria for allocating the transaction price to performance obligations
- Examples of allocation in different industries
Topic 5.2: Allocating the Transaction Price to Performance Obligations in a Contract
- Steps to allocate the transaction price to performance obligations in a contract
- Examples of contracts with multiple performance obligations
- Case studies of allocating the transaction price to performance obligations in different industries
Chapter 6: Recognizing Revenue When (or As) the Entity Satisfies a Performance Obligation
Topic 6.1: Definition of Revenue Recognition
- Definition of revenue recognition
- Criteria for recognizing revenue
- Examples of revenue recognition in different industries
Topic 6.2: Recognizing Revenue When (or As) the Entity Satisfies a Performance Obligation
- Steps to recognize revenue when (or as) the entity satisfies a performance obligation
- Examples of contracts with performance obligations satisfied over time
- Case studies of recognizing revenue when (or as) the entity satisfies a performance obligation in different industries
Chapter 7: Special Topics in Revenue Recognition
Topic 7.1: Warranties and Guarantees
- Definition of warranties and guarantees
- Accounting treatment for warranties and guarantees
- Examples of warranties and guarantees in different industries
Topic 7.2: Returns and Refunds
- Definition of returns and refunds
- Accounting treatment for returns and refunds
- Examples of returns and refunds in different industries
Topic 7.3: Breakage and Unredeemed Gift Cards
- Definition of breakage and unredeemed gift cards
- Accounting treatment for breakage and unredeemed gift cards
- Examples of breakage and unredeemed gift cards in different industries
Chapter 8: Revenue Recognition in Special Industries
Topic 8.1: Revenue Recognition in the Software Industry
- Overview of the software industry
- Revenue recognition principles in the software industry
- Examples of revenue recognition in the software industry
,