Revenue Recognition: Part 4 — Case Studies for Step 5
The fourth in a five-part series, this webinar focused on Step 5, other measurement and recognition topics, and the disclosure requirements of ASC Topic 606. Step 5 requires that an entity recognize revenue when it satisfies a performance obligation (determined in Step 2) by transferring control to the customer. Attendees will learn when to recognize revenue at a point in time versus over time as well as appropriate methods for measuring progress towards completion and discuss some of the implementation issues. In addition, the presenters briefly discussed implementation issues surrounding warranties, contract losses and contract costs. The discussion concluded with disclosure requirements and provided real world examples.