This course is meant to complement the course that evaluates all aspects of the five steps to revenue recognition (ASC 606). The course “Complying with the Revenue Recognition Standard” examines the five-step model outlined in the standard that organizations must utilize when recognizing revenue. The new revenue recognition standard applies to all companies. This course delves into step two of the revenue recognition process relating to performance obligations. Identifying performance obligations requires having a detailed understanding of the contract, deliverables, promises, and contract timing. It involves being able to distinguish between distinct and non-distinct goods and services to identify whether one or more performance obligations exist. This task involves significant judgment and requires specific considerations to be applied to properly identify the performance obligations. Other aspects relating to performance obligations that will be discussed within this segment are the concepts of measuring progress over a period of time and identifying how to recognize revenue over a period of time. This segment also evaluates how to recognize revenue related to intellectual property. This course is the first of two that evaluate performance obligations. Part two will examine elements surrounding factors that impact performance obligations and examine how to handle up-front fees or stand-alone offers. The course utilizes many examples from numerous industries to enhance the learning of the various concepts. Note: Information within this course comes from readily available public domain documents and is utilized by the trainer as a supplement for relaying the course content. Resources Consulted: • ASC 606-10-32-15 to 32-20, 55-244 to 55-246. • ASU 2014-09: “Revenue from Contracts with Customers.” BC229-BC247. • Croner-I, “A14 Revenue from Contracts with Customers.” (2019). Section 7.4.2-2 and 7.4.2-2. • FASB, ”Revenue Recognition Implementation Q&As.” January 2020). Questions 31-37. • FASB TRG Memo 20: “Significant Financing Components.” 26 January 2015. • FASB TRG Memo 30: “Significant Financing Components.” 30 March 2015. • EY, Financial Reporting Developments: “Revenue from contracts with customers.”January 2020. Section 5.5. • KPMG, Handbook: “Revenue Recognition.”December 2019. Section 5.5. • PWC, “Revenue from contracts with customers” March 2020. Section 4.4. • https://www.revenuehub.org/ Field of Study: Accounting