2 CPE Entities applying the new Accounting Standards Codification (ASC) Topic 606: Revenue from Contracts with Customers must follow five steps to revenue recognition:
- Identify the contract with the customer
- Identify performance obligations
- Determine transaction price
- Allocate transaction price to performance obligations
- Recognize revenue when each performance obligation is satisfied
This course briefly outlines each of the five steps and then works through various exercises and scenarios covering each of the steps. The course utilizes many examples from numerous industries to enhance learning of the various concepts.
Note: Information within this course comes from readily available public domain documents and is utilized by the trainer as a supplement for relaying the course content.
Resources Consulted:
• ASC 606-10-32-15 to 32-20, 55-244 to 55-246.
• ASU 2014-09: “Revenue from Contracts with Customers.” BC229-BC247.
• Croner-I, “A14 Revenue from Contracts with Customers.” (2019). Section 7.4.2-2 and 7.4.2-2.
• FASB, ”Revenue Recognition Implementation Q&As.” January 2020). Questions 31-37.
• FASB TRG Memo 20: “Significant Financing Components.” 26 January 2015.
• FASB TRG Memo 30: “Significant Financing Components.” 30 March 2015.
• EY, Financial Reporting Developments: “Revenue from contracts with customers.”January 2020. Section 5.5.
• KPMG, Handbook: “Revenue Recognition.”December 2019. Section 5.5.
• PWC, “Revenue from contracts with customers”March 2020. Section 4.4.
• https://www.revenuehub.org/
Learning Objectives
Lesson Objectives
- Explore step one “Identify the Contract”
- Identify solutions to exercises for step one.
- Explore step two “Performance Obligations”
- Identify solutions to exercises for step two.
- Explore step three “Determine the Transaction Price”
- Identify solutions to exercises for step three.
- Explore step four “Allocate the Transaction Price”
- Identify solutions to exercises for step four
- Explore step five “Recognize Revenue”
- Identify solutions to exercises for step five.
Last updated/reviewed: August 15, 2023
Included In Certifications
This course is included in the following Certification Programs:
17 CoursesRevenue Recognition Certification
- Revenue Recognition (ASC Topic 606) Standard Overview
- Revenue Recognition (ASC Topic 606): Identify The Contract Part 1
- Revenue Recognition (ASC Topic 606): Identify The Contract Part 2
- Revenue Recognition (ASC Topic 606): Performance Obligations Part 1
- Revenue Recognition (ASC Topic 606): Performance Obligations Part 2
- Revenue Recognition (ASC Topic 606): Transaction Price Part 1
- Revenue Recognition (ASC Topic 606): Transaction Price Part 2
- Revenue Recognition (ASC Topic 606): Allocating Transaction Price
- Revenue Recognition (ASC Topic 606): Recognize Revenue
- Revenue Recognition (ASC Topic 606): Scenarios For Identify The Contract
- Revenue Recognition (ASC Topic 606): Scenarios For Performance Obligations
- Revenue Recognition (ASC Topic 606): Scenarios For Transaction Price
- Revenue Recognition (ASC Topic 606): Scenarios For Transaction Price And Recognize Revenue
- Revenue Recognition (ASC Topic 606): Case Scenarios Part 1
- Revenue Recognition (ASC Topic 606): Case Scenarios Part 2
- Revenue Recognition (ASC Topic 606) COVID Implications
- Revenue Recognition (ASC Topic 606): Disclosure Requirements “Contracts with Customers”
64 Reviews (278 ratings)
Reviews
Arvind Mohan
(Director at RMS)
I like the timing and content of this course for two reasons:
a) it forced me to revisit the notes I'd taken from prior courses
b) solidify my understanding of the more abstract concepts, especially contract modification accounting and distinct/non-distinct activities.
There are still errors in the presentation that I encourage the authors to rectify for future students.
Taking a step back, the set of courses offered towards the 606: revenue from contract with customers is excellent value. It sets up a great foundation from which to build on. The author, to a decent extent, covers the breadth of guidance. It bears to note that it is still incumbent on the student to pick up the guidance in specific areas.
Anonymous
(cpa)
Ms. Fountain is a thorough instructor for this seemingly "endless" topic. She does an excellent job dissecting intricacies of the standard as written by FASB. While audio/video is a bit monotonous, but the supplemental materials are excellent in supporting her narrative. Do make sure to use them along with the audio stream!
Lawrence Hirsch
(Controller at Builders design)
More ASC606 from Lynn Fountain has reinforced what I have learned from taking her pervious ASC606 courses. I believe there are eight in total and this is my seventh. Can't get enough of Lynn's courses and love the way she handles the ASC606.
Way to go Lynn......we need more courses from you :)
Larry
Alvin Scott
(Revenue Operations Analyst at SurveyMonkey)
I think this case scenarios course is the most important of all the course. It puts all of what we've learned in the first half of the class to the test with real life case scenarios. Some of the topics I believed I understood fully until I got to the case scenarios. Excellent course!
Anonymous
(Manager)
The course was great and bery thorough. I enjoyed the various cases they really added to the experience. The instructor spoke at a good pace, and was pretty engaging. Overall i would definitely recommend this course to anyone who is looking to learn more about revenue recognition.
Anonymous
(Senior Financial Consultant)
Great instructor, easy to listen to and follow. The examples were clear and identified the major concepts. Surprised at the complication of the pronouncement. The flow chart provided is something I will keep for future use.
Neal Stiles
(Accounting & Finance Guy at Contractor)
Nicely presented with good examples. The course runs at a good pace. However, I would also like to see examples with professional services. I don't think you can ever go wrong choosing a class with Lynn as the instructor.
Anonymous
(Associate Director)
Overall the course gave terrific examples on walking through each step of the revenue recognition model. Further, the course gave some specifics on more of the unique areas of the guidance which is very beneficial.
Anonymous
(Senior Internal Auditor)
This course is helpful and a good refresher. The time allotted is sufficient to cover all relevant topics associated with the course. The instructor was knowledgeable of the course materials.
Maya Walker
(Global Controller at Fourth Enterprises)
Great examples, really helped my understanding. Lynn Fountain has done the best job explaning the new rev rec principles compared to the other sources I've done CPE with. Highly recommend.
Inna Shmukler
(Controller at Fornetix LLC)
Most of these course was just a repeat of the information in other courses related to topic 606. I wish it included more of the analysis of various cases, as the course title suggested.
Anonymous
(Director of Accounting)
This is a very good course to further understand Topic 606. I recommend completing this course after completing all the revenue recognition sections taught by Ms. Fountain.
Anonymous
(Controller)
Excellent use of examples to demonstrate the proper application of the standards. Recommend completing after taking step-specific courses to solidify grasp of concepts.
Anonymous
(Assistant Controller)
Good course! The majority of the examples in this course are same as those examples in other 5-step individual courses. It will be better to have different examples.
Katherine Hart
(None at Not Applicable)
Lynn is one of the best professors on this platform. I love all of her courses and this one was no exception! Great examples and an awesome breakdown of each concept.
Anonymous
(CPA)
Good review of the concepts that need to be considered under the new revenue recognition standard, using lots of examples to show how to apply the rules in practice.
Dominic Villanueva
(Sr Accountant at individual)
Parts of the recording were missing. The presentation needed to be forwarded up to a point where it was normal again. This happened throughout the entire course.
Anonymous
(VP, Finance)
Dives deep into various examples of price allocation and revenue recognition. This course will benefit technical accountants and/or finance/accounting management.
Anonymous
(Controller)
This course covered the stated learning objectives. I now have better understanding of how to apply the new revenue recognition standard in various scenarios.
Emma Chowns
(Senior Accountant at CipherHealth)
I thought I had a fundamental misunderstanding here but the instructor was quick to respond and put me back on the right track, on a Sunday. Above and beyond!
Anonymous
()
The Case scenario course really tested your knowledge from previous courses surrounding ASC 606. The case scenarios really enhanced the learning experience.
Anonymous
(Consultant)
This training was beneficial in my understanding of revenue recognition because of the examples. More real world examples in all trainings please.
Anonymous
(Accountant)
It's very helpful to go through this standard in details with actual examples. This was presented in the proper amount of time and detail.
Anonymous
(Controller)
It was very helpful to have all the case examples to show how to actually apply the topic. It helped to better understand each step.
Kristine Mendoza
(Sr Manager at None)
Very well presented. Step by step process was laid out carefully and was easy to understand. More examples could have been provided.
Anonymous
(Executive Director, Corporate Controller)
This course has a lot of easy to understand examples to help the understanding of the 5 steps in revenue recognition under ASC 606.
Anonymous
(VP of Accounting)
This Revenue Recognition (ASC Topic 606): Case Scenarios Part 1 was good, lots of good examples and good analysis done by Lynn
Sherri Yokomizo
(Senior Assistant Controller at Oracle + NetSuite)
Course provides useful examples to apply the concepts to realistic scenarios. Well presented and clear, concise examples.
Dowton Martin
(Accounting and Finance Consultant at DLC Inc)
Great course and excellent examples. I would recommend to anyone wanting to obtain knowledge in the new revenue standard.
Anonymous
()
Enforceability of a contract is is a matter of law. Several common law requirements must be
met for a contract to exist.
Anonymous
(-)
Another great course from L. Fountain, with case scenarios to facilitate a deep understanding of the material presented.
Joyce Holiday
(Consultant at DLC)
Very helpful course for those that are trying to get updated on how to evaluate things under the new ASC 606 standard.
Anonymous
()
This is a very interesting course on the new revenue recognition standard presented in a very clear manner
Anonymous
(Financial Analyst)
I found this course section very interesting and complex. hope to learn more in the second case scenario
Anonymous
(Consultant)
Great class, revenue recognition is a very important topic. Breaks down each component of the analysis.
Anonymous
(Senior Accountant)
It is helpful to have some examples to go along with the text of the standard to understand it better.
Jacinth Vidinha
(Controller at Madden Media)
Very straightforward and clear explanations with well designed exercises that reinforce the material.
Anonymous None
(Manager at None)
This course is excellent. It gives detailed and relevant examples and thorough explanations.
Joe Defelice
(Consultant at Kranz & Associates)
Pretty good; almost all examples, which is the easiest way to learn it if you ask me
Megan Randa
(Senior Staff Accountant at OneLive LLC)
Another great course - Goes into good detail and provides some helpful case scenarios
Anonymous
(CFO)
I found the course useful in helping me to better understand the concepts of ASC 606
Anonymous
(NA)
This course is a repetition of whatever has been explained in the earlier sessions
Anonymous
()
Good application of, and deeper dive into, concepts introduced in earlier courses.
Anonymous
(Finance Director)
Overall, good course. Informative without being overly technical or complicated.
Anonymous
(Business Controller, Waze)
good overview of ASC 606 revenue recognition principles. Examples were handy
Anonymous
(Consultant)
liked that this was a really good summary of the 5 steps with good examples
Anonymous
(Sr. Accountant)
Great job, Lynn! Your explanations made everything so simple to understand.
Anonymous
(Revenue Accountant)
Good course overall. This was great for continuing education on topic 606.
Anonymous
(Senior Accountant)
Good overview of 606, that will be helpful as we complete our reporting.
Robert Merii
(CFO at N/A)
Very good examples for the standard. Good overview for level of course.
Anonymous
(Director of Finance)
Very good overview and examples of the material covered in other courses
Robert Stellato
( at DS Smith)
Excellent course.. I really learned a lot! This course was very helpful
Anonymous
(Self)
Good review of prior courses and pulled it all together with examples.
Dianne Conry
(Consultant at Kranz)
Case studies were very helpful in walking through the 5-step process
John Kim
(Accountant at Pepsico, Inc.)
It's a great course. Easy to understand. Material is very helpful.
Anonymous
()
Thanks Lynn, I am quite satisfied with the info. You are the best.
Anonymous
(Lead Revenue accountant)
Great course for rev rec.. could have used more examples though!
Anonymous
(Associate Director)
This course provided a good overview about revenue recognition.
Patricia Meckes
( at CSMC)
Very thorough and good real life examples. The pace was good.
Doug Slaybaugh
( at The CPA Coach)
Loved the examples and your patience walking through them.
Anonymous
(Accountant)
The examples provided in this course is easy to understand
Angela Duncan
(Consultant at DLC Group)
Good walk through of the model and I liked the exercises
Anonymous
(Senior Accountant)
excellent info and great examples to apply the concepts
Anonymous
(accountant)
The materials are well organized with great examples.
Prerequisites
Course Complexity: Intermediate
No Advanced Preparation or Prerequisites are needed for this course.
Education Provider Information
Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA
95113
Contact:
For more information regarding this course, including complaint and
cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to
.
Lynn FountainCPA, CGMA, CRMA, MBA, Consultant, Author, Trainer
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