IFA20 – The 5 Steps of Revenue Recognition – Intermediate Accounting

Download the Workbook: http://www.tonybell.com Unlock 100+ Members Accounting Tutorials:    / @tony-bell   In This Video: We kick off Module 6 with an introduction to Revenue Recognition. This video outlines the foundational 5-step model required to properly record revenue. We will discuss the criteria for each stage: 1) Identify the contract, 2) Identify the performance obligations, 3) Determine the price, 4) Allocate the price to the performance obligations, and 5) Recognize revenue as the performance obligations are satisfied. Module Overview (IFA20–IFA28): This module explores Revenue Recognition in depth. We will thoroughly examine the 5-step revenue recognition model and apply it to a variety of complex business scenarios. You will learn how to handle multiple performance obligations, variable consideration, discounts, and long-term contracts to ensure revenue is recognized at the proper time and in the correct amount.