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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.

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: December 19, 2017

Included In Certifications

This course is included in the following Expert Certifications:

15 CoursesRevenue Recognition Certification

  1. Overview of Complying with the ASC 606 Revenue Recognition Standard
  2. ASC 606 Revenue Recognition: Considerations for Identifying the Contract Part 1
  3. ASC 606 Revenue Recognition: Considerations for Identifying the Contract Part 2
  4. ASC 606 Revenue Recognition: Considerations for Performance Obligations Part 1
  5. ASC 606 Revenue Recognition: Considerations for Performance Obligations Part 2
  6. ASC 606 Revenue Recognition: Determining the transaction price Part 1
  7. ASC 606 Revenue Recognition: Determining the transaction price Part 2
  8. ASC 606 Revenue Recognition: Allocating transaction price to performance obligations
  9. ASC 606 Revenue Recognition: Recognizing Revenue
  10. ASC 606 Revenue Recognition: Case Scenarios for Identifying the Contract
  11. ASC 606 Revenue Recognition: Case Scenarios for Performance Obligations
  12. ASC 606 Revenue Recognition: Case Scenarios for Transaction Price
  13. ASC 606 Revenue Recognition: Case Scenarios for Allocating Transaction Price & Recognizing Revenue
  14. ASC 606 Revenue Recognition: Case Scenarios for 5 Step Revenue Recognition Process Part 1
  15. ASC 606 Revenue Recognition: Case Scenarios for 5 Step Revenue Recognition Process Part 2

7 Reviews (37 ratings)Reviews

5
Member's Profile
Great course and excellent examples. I would recommend to anyone wanting to obtain knowledge in the new revenue standard.
5
Member's Profile
Very helpful course for those that are trying to get updated on how to evaluate things under the new ASC 606 standard.
5
Member's Profile
This course is excellent. It gives detailed and relevant examples and thorough explanations.
5
Anonymous Author
Great job, Lynn! Your explanations made everything so simple to understand.
4
Anonymous Author
Good overview of 606, that will be helpful as we complete our reporting.
5
Member's Profile
Case studies were very helpful in walking through the 5-step process
3
Member's Profile
Good walk through of the model and I liked the exercises

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 .
Course Syllabus
INTRODUCTION AND OVERVIEW
  4:38Introduction to Revenue Rec: Case Scenarios for 5 Step Revenue Recognition Process – Part 1
ASC 606 Revenue Recognition
  2:42Five Step: Model
  14:43Step One: Identify the Contract
  5:55Exercise One: Identify the Contract
  14:52Exercise Two: Identify the Contract Collectability
  11:00Step Two: Performance Obligations
  4:35Exercise Four: Performance Obligations
  11:38Exercise Five: Performance Obligations with Material Right
  8:18Step Three: Transaction Price and Step Four: Allocate
  7:50Exercise Eight: Transaction Price and Allocate
  10:42Step 5: Recognize Revenue
  15:49Additonal Examples
CONCLUSION
  2:08Summary
CONTINUOUS PLAY
  1:54:54Revenue Rec: Case Scenarios for 5 Step Revenue Recognition Process – Part 1 full video
SUPPORTING MATERIALS
  PDFSlides: Revenue Rec: Case Scenarios for 5 Step Revenue Recognition Process – Part 1
  PDFRevenue Rec: Case Scenarios for 5 Step Revenue Recognition Process – Part 1 Glossary/Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM