ASC 606 Deep Dive: Identify a Contract

Join us as CPA and MBA Devon Coombs guides you through the first step of ASC 606: identifying a contract. In this video, Devon will explain how to determine whether a contract exists, including if (1) each party has approved the contract (2) rights and obligations can be identified, (3) entities can identify payment terms, (4) the contract has commercial substance, and (5) it is probable the entity will collect substantially all of the consideration to which it will be entitled.

Devon will break down the five-step process for revenue recognition and provide practical examples of contract identification. Whether you're an accounting professional, a business owner, or simply curious about ASC 606, this video is a must-watch.

With Devon's expertise and clear explanations, you'll walk away with a deeper understanding of how to identify a contract under ASC 606. Don't miss out on this valuable resource! Hit the play button now and join Devon on this ASC 606 journey.