Identify the Contract with the Customer (Step 1 of ASC 606) [Video]

Often overlooked for the “sexier” steps within the 5-step model of ASC 606 Revenue from Contracts with Customers, identifying the contract with the customer in step 1 is super important. Why? Well, if you don’t have a contract, you can’t recognize revenue! And whether a contract exists is dependent on meeting certain criteria, which we cover in detail during this CPE-compliant, eLearning course (0.5 CPE) using plenty of class examples. In addition, during this online course, we cover the relevant accounting if the criteria in step 1 are not met at contract inception, as well as the requirement to combine contracts entered at or around the same time. This is the second course in our 7-part revenue recognition training series. Take our self-study eLearning course here: https://revolution.gaapdynamics.com/learn/course/internal/view/elearning/130/revenue-identify-the-contract-with-the-customer-step-1-of-asc-606 Learn more about GAAP Dynamics: https://www.gaapdynamics.com/ Check out our other online courses on the Revolution: https://revolution.gaapdynamics.com/learn/catalog Subscribe to GAAP Dynamics to see more …