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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 is a second practice case study course for the new five-step revenue recognition model.  It utilizes separate examples from numerous industries to enhance learning of the various concepts.

Learning 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: October 14, 2018

Included In Certifications

This course is included in the following Certification Programs:

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

9 Reviews (55 ratings)Reviews

5
Anonymous Author
Excellent course with many great examples of how to practice the revenue recognition guidance. Well-presented, organized and moves at a good pace. Thanks!
5
Anonymous Author
This course was very informative, and the examples were tough but essential in helping me to learn the fundamentals of this material.
5
Member's Profile
Excellent course material and examples. The videos were very informative and educational. I really enjoyed reviewing the material.
5
Member's Profile
Another great course with good examples provided. Thorough explanations.
5
Member's Profile
Case studies are very helpful for practical application of the standard.
3
Anonymous Author
would have loved more examples especially on how fair value assessment.
4
Anonymous Author
Good and detailed course. Excellent examples with simple explanations.
5
Anonymous Author
This course provided a good overview of Revenue Recognition.
3
Anonymous Author
Good exercises and broad coverage of the 5 step model

Prerequisites

Course Complexity: Intermediate

The course is a second practice case study course for the new five-step revenue recognition model.  It is recommended to take the other courses in the series prior to completing this one.

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
  4:55Introduction to Revenue Rec: Case Scenarios for 5 Step Revenue Recognition Process – Part 2
  4:24Five Step Model
  11:19Step One: Identify the Contract
  9:45Contract Modifications
  10:04Exercise One: Identify the Contract
  10:35Exercise Two: Identify the Contract Collectability
  9:24Exercise Three: Contract Modifications
  7:43Step Two: Performance Obligations
  8:48Exercise: Performance Obligations
  12:02Exercise: Performance Obligations with Material Right
  4:49Engineco Exercise
  10:44Step Three & Four
  15:55Exercise: Transaction Price and Allocate
  5:39Step Five: Recognize Revenue
CONTINUOUS PLAY
  2:06:07Revenue Rec: Case Scenarios for 5 Step Revenue Recognition Process – Part 2
SUPPORTING MATERIALS
  PDFSlides: Revenue Rec: Case Scenarios for 5 Step Revenue Recognition Process – Part 2
  PDFRevenue Rec: Case Scenarios for 5 Step Revenue Recognition Process – Part 2 Glossary/Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM