Instructor for this course
more

This course is dedicated to Step Three of the revenue recognition model “Determine the Transaction Price”.  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, individual courses have been created with multiple case scenarios that apply to the individual given steps.  This course applies to Step Three – Determine the Transaction Price.  The course includes the many considerations companies must take into account when determining the amount of consideration that should be included within the transaction price.  We review the concepts of variable consideration, explicit and distinct variability, consideration constraints, discounts, price concessions and other elements that can impact how transaction price is determined and when it is recognized.

After taking this course, you should be able to effectively apply your understanding of Step Three 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 the concepts that contribute to the transaction price
  • Identify considerations when evaluating transaction price
  • Explore the concepts of variable consideration
  • Identify methods to determine variable consideration
  • Explore the concept of variability constraints
  • Identify what constitutes implied variability
  • Explore non-cash considerations
  • Explore price concessions
  • Explore significant financing components
  • Explore volume discounts
Last updated/reviewed: February 21, 2018

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

3 Reviews (18 ratings)Reviews

5
Member's Profile
5 star as the course covers the material in dept and the examples used were very good. I would definitely recommend this course.
5
Member's Profile
Advertised time of 2 hours did not agree to the time shown once enrolled (2nd time I've noticed this happening; please adjust)
5
Anonymous Author
The scenarios were brilliant and allowed me to learn the material in an effective manner. Well done!

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
  2:56Introduction to Revenue Rec: Case Scenarios for Transaction Price
  6:04Transaction Price
  7:43Methods to Determine Variable Consideration
  12:38Continuing Exercise EV
  5:17Most Likely Amount
  7:45Constrained Variability
  5:18Constrained Example
  5:21Implied Variability
  8:54Non-Cash Consideration
  7:41Significant Financing Component
  11:19Volume Discounts
  1:43Summary
CONTINUOUS PLAY
  1:22:39Revenue Rec: Case Scenarios for Transaction Price Full Video
SUPPORTING MATERIALS
  PDFSlides: Revenue Rec: Case Scenarios for Transaction Price
  PDFRevenue Rec: Case Scenarios for Transaction Price Glossary/Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM