Often overlooked for the “sexier” steps within the 5-step model of ASC 606 Revenue from Contracts with Customers, identifying the contract with the customer in Step 1 is super important. Why? Well, if you don’t have a contract, you can’t recognize revenue! And whether a contract exists is dependent on meeting certain criteria, which we cover in detail during this CPE-compliant, eLearning course (0.5 CPE) using plenty of class examples. In addition, during this online course, we cover the relevant accounting if the criteria in Step 1 are not met at contract inception, as well as the requirement to combine contracts entered at or around the same time.