Revenue Recognition Mastery: The Ultimate Step-by-Step Guide to Ensuring Compliance and Minimizing Risk
Course Overview This comprehensive course is designed to provide participants with a thorough understanding of revenue recognition principles, rules, and regulations. Upon completion, participants will receive a certificate issued by The Art of Service, demonstrating their expertise in revenue recognition.
Course Features - Interactive and engaging learning experience
- Comprehensive and up-to-date content
- Personalized learning approach
- Practical, real-world applications
- High-quality content developed by expert instructors
- Certificate issued upon completion
- Flexible learning schedule
- User-friendly and mobile-accessible platform
- Community-driven discussion forums
- Actionable insights and hands-on projects
- Bite-sized lessons for easy learning
- Lifetime access to course materials
- Gamification and progress tracking features
Course Outline Module 1: Introduction to Revenue Recognition
- Definition and importance of revenue recognition
- History of revenue recognition standards
- Overview of ASC 606 and IFRS 15
- Key concepts and terminology
Module 2: Revenue Recognition Principles
- Step 1: Identify the contract with the 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
- Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation
Module 3: Identifying the Contract with the Customer
- Definition of a contract
- Criteria for identifying a contract
- Contract modifications and amendments
- Collectibility and payment terms
Module 4: Identifying Performance Obligations
- Definition of a performance obligation
- Types of performance obligations
- Identifying distinct performance obligations
- Series of distinct performance obligations
Module 5: Determining the Transaction Price
- Definition of the transaction price
- Determining the transaction price
- Variable consideration
- Constraining estimates of variable consideration
Module 6: Allocating the Transaction Price
- Definition of a standalone selling price
- Determining the standalone selling price
- Allocating the transaction price to performance obligations
- Residual approach
Module 7: Recognizing Revenue
- Recognizing revenue at a point in time
- Recognizing revenue over time
- Satisfaction of performance obligations
- Measuring progress toward complete satisfaction of a performance obligation
Module 8: Contract Costs
- Incremental costs of obtaining a contract
- Costs to fulfill a contract
- Amortization of contract costs
- Impairment of contract costs
Module 9: Contract Modifications
- Definition of a contract modification
- Types of contract modifications
- Accounting for contract modifications
- Impact on revenue recognition
Module 10: Warranties and Guarantees
- Definition of a warranty and guarantee
- Types of warranties and guarantees
- Accounting for warranties and guarantees
- Impact on revenue recognition
Module 11: Returns and Refunds
- Definition of a return and refund
- Accounting for returns and refunds
- Impact on revenue recognition
- Constraining estimates of returns and refunds
Module 12: Revenue Recognition in Specific Industries
- Software and technology industry
- Telecommunications industry
- Construction and real estate industry
- Healthcare industry
Module 13: Disclosure Requirements
- Overview of disclosure requirements
- Disclosure of revenue recognition policies
- Disclosure of contract balances
- Disclosure of performance obligations
Module 14: Internal Controls and Auditing
- Importance of internal controls
- Designing and implementing internal controls
- Auditing revenue recognition
- Testing internal controls
Module 15: Case Studies and Group Discussions
- Real-world examples of revenue recognition
- Group discussions and debates
- Application of revenue recognition principles
- Analysis of case studies
Certificate of Completion Upon completion of the course, participants will receive a certificate issued by The Art of Service, demonstrating their expertise in revenue recognition.
Course Format The course is delivered online, with interactive and engaging content, including: - Video lectures
- Quizzes and assessments
- Case studies and group discussions
- Downloadable resources and templates
Target Audience This course is designed for: - Accountants and auditors
- Financial managers and analysts
- Revenue recognition professionals
- Business owners and entrepreneurs
Prerequisites There are no prerequisites for this course, although a basic understanding of accounting and financial principles is recommended.
Duration The course is self-paced, with approximately 80 hours of content.,
- Interactive and engaging learning experience
- Comprehensive and up-to-date content
- Personalized learning approach
- Practical, real-world applications
- High-quality content developed by expert instructors
- Certificate issued upon completion
- Flexible learning schedule
- User-friendly and mobile-accessible platform
- Community-driven discussion forums
- Actionable insights and hands-on projects
- Bite-sized lessons for easy learning
- Lifetime access to course materials
- Gamification and progress tracking features
Course Outline Module 1: Introduction to Revenue Recognition
- Definition and importance of revenue recognition
- History of revenue recognition standards
- Overview of ASC 606 and IFRS 15
- Key concepts and terminology
Module 2: Revenue Recognition Principles
- Step 1: Identify the contract with the 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
- Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation
Module 3: Identifying the Contract with the Customer
- Definition of a contract
- Criteria for identifying a contract
- Contract modifications and amendments
- Collectibility and payment terms
Module 4: Identifying Performance Obligations
- Definition of a performance obligation
- Types of performance obligations
- Identifying distinct performance obligations
- Series of distinct performance obligations
Module 5: Determining the Transaction Price
- Definition of the transaction price
- Determining the transaction price
- Variable consideration
- Constraining estimates of variable consideration
Module 6: Allocating the Transaction Price
- Definition of a standalone selling price
- Determining the standalone selling price
- Allocating the transaction price to performance obligations
- Residual approach
Module 7: Recognizing Revenue
- Recognizing revenue at a point in time
- Recognizing revenue over time
- Satisfaction of performance obligations
- Measuring progress toward complete satisfaction of a performance obligation
Module 8: Contract Costs
- Incremental costs of obtaining a contract
- Costs to fulfill a contract
- Amortization of contract costs
- Impairment of contract costs
Module 9: Contract Modifications
- Definition of a contract modification
- Types of contract modifications
- Accounting for contract modifications
- Impact on revenue recognition
Module 10: Warranties and Guarantees
- Definition of a warranty and guarantee
- Types of warranties and guarantees
- Accounting for warranties and guarantees
- Impact on revenue recognition
Module 11: Returns and Refunds
- Definition of a return and refund
- Accounting for returns and refunds
- Impact on revenue recognition
- Constraining estimates of returns and refunds
Module 12: Revenue Recognition in Specific Industries
- Software and technology industry
- Telecommunications industry
- Construction and real estate industry
- Healthcare industry
Module 13: Disclosure Requirements
- Overview of disclosure requirements
- Disclosure of revenue recognition policies
- Disclosure of contract balances
- Disclosure of performance obligations
Module 14: Internal Controls and Auditing
- Importance of internal controls
- Designing and implementing internal controls
- Auditing revenue recognition
- Testing internal controls
Module 15: Case Studies and Group Discussions
- Real-world examples of revenue recognition
- Group discussions and debates
- Application of revenue recognition principles
- Analysis of case studies
Certificate of Completion Upon completion of the course, participants will receive a certificate issued by The Art of Service, demonstrating their expertise in revenue recognition.
Course Format The course is delivered online, with interactive and engaging content, including: - Video lectures
- Quizzes and assessments
- Case studies and group discussions
- Downloadable resources and templates
Target Audience This course is designed for: - Accountants and auditors
- Financial managers and analysts
- Revenue recognition professionals
- Business owners and entrepreneurs
Prerequisites There are no prerequisites for this course, although a basic understanding of accounting and financial principles is recommended.
Duration The course is self-paced, with approximately 80 hours of content.,
Course Format The course is delivered online, with interactive and engaging content, including: - Video lectures
- Quizzes and assessments
- Case studies and group discussions
- Downloadable resources and templates
Target Audience This course is designed for: - Accountants and auditors
- Financial managers and analysts
- Revenue recognition professionals
- Business owners and entrepreneurs
Prerequisites There are no prerequisites for this course, although a basic understanding of accounting and financial principles is recommended.
Duration The course is self-paced, with approximately 80 hours of content.,
- Accountants and auditors
- Financial managers and analysts
- Revenue recognition professionals
- Business owners and entrepreneurs