Revenue Recognition: Determine the Transaction Price Part 1 | Accounting & Bookkeeping Online Course by Udemy

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This course is designed to evaluate Step Three of the new model dealing with Determining the Transaction Price.

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Revenue Recognition: Determine the Transaction Price Part 1

The new revenue recognition standard outlines five steps for proper compliance. At the surface, these steps seem simple. However, there are many components that should be considered within each step based on your company’s processes and industry. Previous courses in this series have covered the standard at a high level and evaluated step one and two of the standard. They are: Complying with the Revenue Recognition StandardRevenue Recognition: Considerations for Identifying the Contract – Part OneRevenue Recognition: Considerations for Identifying the Contract – Part TwoRevenue Recognition: Considerations for Performance Obligations – Part OneRevenue Recognition: Considerations for Performance Obligations – Part TwoThis segment is designed to evaluate Step Three of the new model dealing with Determining the Transaction Price. Determining transaction price is more difficult than it may first appear. Transaction price is the basis for measuring revenue. It is the amount of consideration theentity expectsto be entitled to in exchange for transferring promised goods or services. Determining transaction price requires election of policies and significant use of judgment. Completing this step for fixed price contracts can be straightforward. However, the path becomes convoluted for variable priced contracts. The new revenue recognition standard identifies three areas that affect the estimate of transaction price, which we will review: Nature of considerationTiming of considerationAmount of consideration

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