Revenue Recognition (CPE Course)

CPE Credit: 4 hours

Course Type: Downloaded PDF materials with online test

Price (with PDF Textbook): $45

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Course Description
The recognition of revenue is among the most misunderstood areas of accounting, leading to ongoing arguments between management and auditors about how to account for various sales transactions. Revenue Recognition brings clarity to the topic by focusing on Topic 606, Revenue from Contracts with Customers, which describes the five-step process for recognizing many types of revenue. The discussion includes the establishment of a contract, the determination of performance obligations, and how to set and allocate prices. The course covers many ancillary topics as well, including the treatment of variable consideration, noncash consideration, price discounts, subsequent price changes, consignments, licensing, repurchase agreements, disclosures, and more. In short, when there is an issue about revenue recognition, consult this course.

Author: Steven Bragg

Course Number: AC1074

Table of Contents

Chapter 1. Revenue Recognition
Chapter 2. Other Revenue Topics
Chapter 3. Revenue Presentation and Disclosure
Chapter 4. Management of Revenue Recognition

Learning Objectives

  • Identify the evaluation criteria for a contract, the components of the transaction price, and when a contract modification triggers treatment as a new contract.

  • Recognize the accounting treatment pertaining to customer acceptance clauses, rights to acquire additional goods, donations, asset repurchases, and breakage.

  • Recognize the situations under which contract liabilities occur, and when disaggregation is used.

  • Specify the methods used to control which third parties are recognized as customers, and to control the use of justification documents for standalone pricing.

Level: Overview

Instructional Method: QAS Self-Study

NASBA Category: Accounting

Prerequisites: None

Advance Preparation: None

Latest Review Date: March 2023

Program Registration Requirements: Click on "Purchase Course" near the top of this page to pay for and access the course. You will then be able to download the course as a PDF file, then take an on-line examination, and then download a certificate of completion if you pass the examination.

Program Refund Policy: For more information regarding administrative policies concerning complaints, refunds, and other matters, see our policies page.

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AccountingTools, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

The NASBA sponsor identification number for Accountingtools, Inc. is 115881.

AccountingTools is an IRS Approved Continuing Education Provider. We are compliant with the requirements for continuing education providers (as described in sections 10.6 and 10.9 of the Department of Treasury’s Circular No. 230 and in other IRS guidance, forms, and instructions). Our IRS Approved Continuing Education Provider number is 72821.