Dive into practical, hands-on guidance on coming up with standalone selling prices that are compliant with the new standard.
Accountants often seek to avoid estimating standalone selling prices and using them to allocate the transaction price. The estimation process is resource-intensive and judgmental and may produce results that are not intuitive to the rest of the business. While the concept of using standalone selling prices to allocate the total price is not new, the new revenue accounting standard ASC 606 has broadened the need for standalone selling prices. This topic will discuss the new requirements and common misconceptions about this aspect of revenue recognition. The material will provide practical, hands-on guidance on coming up with standalone selling prices that are compliant with the new standard. The presenter will discuss several common challenges that accountants encounter when estimating standalone selling prices at their organizations. You will take away some ideas on tackling those challenges in an efficient, replicable way.
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