LO6-01: State the core revenue recognition principle and the five key steps in applying it.
LO6-02: Explain when it is appropriate to recognize revenue at a single point in time.
LO6-03: Explain when it is appropriate to recognize revenue over a period of time.
LO6-04: Allocate a contract's transaction price to multiple performance obligations.
LO6-05: Determine when a contract exists, and whether some frequently encountered features of contracts qualify as performance obligations.
LO6-06: Understand how variable consideration and other aspects of contracts affect the calculation and allocation of transaction price.
LO6-07: Determine the timing of revenue recognition with respect to licenses, franchises, and other common arrangements.
LO6-08: Understand the disclosures required for revenue recognition, accounts receivable, contract assets, and contract liabilities.
LO6-09: Demonstrate revenue recognition for long-term contracts, both at a point in time when the contract is completed and over a period of time according to the percentage completed.