Program Description: The objective of the course is to enable participants to comprehend the accounting for revenue recognition under ASC 606, with a focus on the five-step model for recognizing revenue from contracts with customers. This program utilizes practical examples and case studies from different industries to demonstrate the identification of contracts, performance obligations, and transaction prices. It addresses the latest updates, implementation challenges, and disclosure requirements, ensuring participants can confidently apply ASC 606 – Revenue from Contracts with Customers principles in their professional roles. The course also covers in-depth topics such as the allocation of transaction price to performance obligations, the determination of when performance obligations are satisfied, and the recognition and presentation of revenue in financial statements.

Course Coverage:

1.      Overview of ASC 606

2.      The five-step revenue recognition model

3.      Variable consideration, contract modifications and transaction price allocation

4.      Contract assets, contract liabilities and disclosure requirements

Learning Objectives:

1.      Recognize the principles that govern the recognition of revenue from contracts with customers under the five-step model of ASC 606.

2.      Distinguish between performance obligations satisfied at a point in time and those satisfied over time, and the criteria applicable to each.

3.      Apply the rules to identify contracts and performance obligations, estimate and allocate transaction prices, and determine the appropriate timing of revenue recognition.

4.      Understand how to account for contract assets, contract liabilities, and costs to obtain and fulfill contracts on the financial statements.

5.      Comprehend the criteria used to determine whether a contract exists, including the conditions under which contract modifications must be accounted for as new contracts or modifications to existing ones.

Passing Score: 70%

Validity of the course: 1 year from date of enrolment

Available from: August 2025

Available Discount: Group discounts of 10% available for 5 or more participation

Last Updated: August 2025

Program Registration: To register for the program, please visit www.eyvirtualacademy.com and click on Add to Cart to register for the program.

Program Access: The participants will have access to the program for a period of 1 year starting from the date of enrolment.

Keywords: Revenue Recognition, Contracts with Customers, Five-Step Model, Performance Obligations, Transaction Price, Variable Consideration, Contract Modifications, Contract Assets, Contract Liabilities, Point in Time, Over Time, Standalone Selling Price, Disclosure Requirements, Financial Statement Presentation, US GAAP, Accounting, Online Learning, CPA, CPE, Certification.

Special Notice:

•        Ernst & Young Associates LLP-India 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 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

•        CPE credits will be awarded upon successful completion of the content and passing the exam on securing 70% or above.

•        Each Participant has the flexibility to take unlimited attempts to clear the assessment.

•        Contact Ernst & Young Associates LLP-India (askeyexpert@in.ey.com) for assistance.

Complaint Policy: For any content related query, you may write to askeyexpert@in.ey.com. For any complaints you may connect with chandra.kargeti@in.ey.com. Escalation: neha.tuteja@in.ey.com

Refund Policy: We do not offer refunds once the participants have accessed any course materials. Course material includes videos, content, quizzes and assessments.