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In 2014, after years of deliberations, the Financial Accounting Standards Board (the FASB) and the International Accounting Standards Board (the IASB) jointly issued the Accounting Standard Update (ASU) No. 2014-09 (codified primarily in ASC 606) and IFRS 15, respectively. ASC 606 replaces virtually all (including industry-specific) U.S. GAAP revenue guidance with a single model. The standard does not just change the amounts and timing of revenue but potentially affects organizations’ financial statements, business processes, and internal control over financial reporting. The standard also affects other related accounting topics such as contract modification, rights of return, licensing, principal-versus-agent considerations, and income tax. Moreover, the standard creates new and expanded disclosure requirements.This course series, Revenue Recognition - Part 1, 2 and 3, v3.0, reorganizes the guidance contained in ASC 606, to follow the five-step revenue recognition model along with other guidance impacted by this standard. It also provides examples to illustrate the application. The course is designed to help you navigate the complexities of this standard and identify the implications of it. It provides a working knowledge of the fundamentals of the revenue standard that can be applied, regardless of the company size, in the real world.Part 1 of this series highlights key aspects of the revenue standard that you need to know, including the significant improvements over the legacy revenue recognition literature, the key changes of revenue recognition practice, the applicability of the revenue guideline, the accounting policy elections and practical expedients, along with a summary of the five-step revenue recognition model. It also includes an overview of the differences between U.S. GAAP and IFRS.