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This course is dedicated to Step One of the new revenue recognition model “Identify the Contract”.  Previous courses have outlined each of the individual five steps of the model and provided case examples.  We have also developed two broad case study courses that cover scenario examples for each of the five steps.

In order to focus directly on aspects within each step, we are creating individual courses with multiple case scenarios that apply to the individual given steps.  This course applies to Step One – Identify the Contract.  The course includes the many components that must be considered for a contract to be in place and enforceable. We also review case scenarios that cover contract modifications and practices, contract combinations and other elements included in Step One.

After taking this course, you should be able to effectively apply your understanding of Step One of the revenue recognition model to specific scenarios within your business.  Each learning objective listed utilizes multiple examples from various industries to help interpret and practice the concept.

Learning Objectives

  • Explore scenarios for Identify the Contract.
  • Explore scenarios for contract existence.
  • Explore scenarios for contract modifications.
  • Explore scenarios for unpriced change orders.
  • Explore scenarios for modifications applying the cumulative catch-up method.
  • Explore scenarios for contract combinations.

 

 

Last updated/reviewed: October 23, 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

7 Reviews (40 ratings)Reviews

4
Anonymous Author
Good course for regular subscription price (not certification price). Benefited from taking all the courses. A lot of repetition could be viewed as reinforcing or redundant depending on how quickly can learn. Would rely on wording on slides more than those spoken, as less technically precise. Now have strong foundation in ASC 606.
4
Member's Profile
Good course, but some examples were the same or very similar to ones discussed in Identifying the Contract Part 1 and 2. It would have been more beneficial to evaluate different cases. Overall, a very helpful course to get a deeper understanding in identifying contracts and contract modification.
5
Anonymous Author
I have taken several of the instructor's courses on the matter and find each one of them quite helpful. Her examples really help to bring home the topic.
4
Anonymous Author
This course is full of examples to bring the finer points of the Revenue Recognition guidance into practice. Another great course from Lynn Fountain!
5
Member's Profile
Excellent course and the material and examples were very detailed and covered the review topic.
5
Anonymous Author
I truly learned a lot from this course, and the examples were excellent!
3
Anonymous Author
Very good examples for contract modifications which is a tough area

Prerequisites

Course Complexity: Intermediate

No Advanced Preparation or Prerequisites are needed for this course. However, 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
  3:54Introduction to Revenue Rec: Case Scenarios for Identify the Contract
  8:51Contract Existence
  7:17Exercise One: Contract Existence Consulting
  10:09Contract Existence Exercise Three Naming Rights
  7:38Contract Modification
  8:57Exercise One: Contract Modification Manufacturing
  4:29Exercise Four: Contract Modification Construction Continued
  5:03Example: Unpriced Change Order
  9:04Example: Modifications Cumulative Catch Up
  2:59Conclusion
CONTINUOUS PLAY
  1:08:20Revenue Rec: Case Scenarios for Identify the Contract
Supporting Materials
  PDFSlides: Revenue Rec: Case Scenarios for Identify the Contract
  PDFRevenue Rec: Case Scenarios for Identify the Contract Glossary/Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM