Description
This chapter addresses the important step of identifying distinct performance obligations within contracts under ASC 606. It emphasizes the significance of determining whether goods or services are separately identifiable and addresses the challenges that arise from bundled offerings, where multiple products or services are provided together, as well as the complexities introduced by customization requirements, changes in customer requirements, and long-term contracts.
Learning Objectives
Upon completion of chapter 1, you will be able to:
• Identify the criteria for contract validity under ASC 606
• Recognize complexities in multiple contracts with the same customer
• Determine the effects of contract modifications on revenue recognition
• Differentiate between contract cancellations and terminations
Upon completion of chapter 2, you will be able to:
• Identify distinct performance obligations within contracts under ASC 606
• Recognize the criteria for determining if goods or services are separately identifiable
• Differentiate between bundled offerings and individual performance obligations
• Determine the impact of customization on performance obligations in contracts
• Recognize the impact of changes in customer requirements on performance obligations
To complete this course participants need to: Read the material provided and answer chapter review questions, successfully complete the qualified assessment with a minimum of 70% accuracy to receive your certificate.
A course evaluation form is provided for your feedback, upon course completion. Participants have 1 year from the date of purchase/enrollment to complete this course
Our Refund policy can be found at: https://cpeprime.com/cancellation-and-refund/