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US GAAP ASC 606 - Revenue Recognition
Rating: 4.6 out of 5(41 ratings)
283 students

US GAAP ASC 606 - Revenue Recognition

ASC 606: A Comprehensive Guide to Revenue from Contracts with Customers under US GAAP
Created byDr. Kamal Chhabra (US CPA & CA)
Last updated 9/2025
English
English [Auto],

What you'll learn

  • Understand the core principles of ASC 606 and how it impacts revenue recognition.
  • Apply the five-step revenue recognition model effectively.
  • Identify contracts, performance obligations, transaction price, and apply allocation rules.
  • Handle variable consideration and timing issues in revenue recognition.
  • Apply ASC 606 guidance to long-term contracts, installment sales, deferred revenue, franchise revenue, and breakage.
  • Recognize special considerations such as principal vs. agent, onerous contracts, and consignment sales.
  • Understand key disclosure requirements for financial reporting compliance.
  • Work through illustrations, case studies, and practice questions to apply knowledge in real-world situations.

Course content

15 sections • 15 lectures • 4h 13m total length

  • Introduction to ASC 60633:04

    • Scope and objectives of ASC 606.

    • What’s included and excluded.

    • Overview of the five-step revenue recognition model.

    • The shift from industry-specific rules to a unified framework.

    • Real-world examples of industries most impacted by ASC 606.

Requirements

  • Accounting and finance professionals who want to understand revenue recognition under US GAAP.
  • CPA, CMA, or Finance students preparing for certification exams.
  • Business owners, controllers, and accountants handling contracts and revenue reporting.
  • Anyone looking to apply ASC 606 principles in real-world scenarios.

Description

Revenue is the lifeblood of any business, and knowing how to recognize it correctly is essential for accountants and finance professionals. This course explains ASC 606, the standard that guides how revenue should be reported from contracts with customers, in a simple, practical, and easy-to-understand way.


You will learn the five-step approach: how to identify contracts, determine the obligations in each contract, figure out the transaction price, allocate it properly, and recognize revenue when those obligations are fully met. Real-world examples and practical exercises will make these concepts easy to understand and apply in daily accounting tasks.


This course is perfect for students, aspiring CPAs or CMAs, accountants, controllers, and business owners who want to handle revenue recognition accurately. You don’t need advanced knowledge just a basic understanding of accounting is enough.


By the end of the course, you will be able to apply ASC 606 rules confidently, prepare financial statements correctly, and make better informed accounting decisions. Whether you are learning for exams or to improve your professional skills, this course will give you a clear, actionable knowledge that you can use immediately in your work.


Take this course and gain practical, hands-on expertise in revenue recognition under US GAAP!

Who this course is for:

  • Basic understanding of accounting principles and financial statements.
  • Familiarity with US GAAP concepts is helpful but not mandatory.
  • Interest in revenue recognition, contracts, and corporate finance.
  • No advanced technical knowledge required; suitable for beginners in accounting who want to learn ASC 606.
  • CPA FAR candidates
  • Intermediate accounting students
  • Auditors
  • Business owners and managers involved in customer contracts

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