ASC 606 Insights: Licensing Revenue and Financial Statement Disclosures ON DEMAND

Overview

This course provides an overview of critical challenges companies encounter under ASC 606, emphasizing several key areas that can be particularly challenging for effective revenue recognition. This includes licensing arrangements, with an emphasis on how to recognize revenue from agreements that grant customers rights to use or access intellectual property. This course also addresses the requirements and challenges with respect to financial statement disclosures.

Highlights

Licensing arrangements and intellectual property. Assets recognized from costs to obtain or fulfill a contract. Ensuring completeness. Practices to avoid.

Prerequisites

None.

Designed For

CPAs, CEOs, CFPs, and other accounting professionals.

Objectives

Identify criteria for determining whether a license is distinct under ASC 606. Distinguish between licenses that grant a right to use IP and those that grant a right to access IP. Recognize the differences between functional and symbolic intellectual property IP. Determine when revenue should be recognized for licenses involving functional IP. Select the appropriate revenue recognition method for licenses that provide access to evolving IP. Identify key financial statement disclosure requirements under ASC 606 for revenue recognition. Recognize required disclosures about contract nature and revenue policies. Identify the timing of revenue recognition disclosures based on ASC 606 guidelines.

Preparation

None.

Notice

None.