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This revenue recognition course focuses on the four basic criteria that must be met to recognize revenue under current US GAAP for most companies and products:

  • Evidence of an Arrangement
  • Delivery or Performance
  • Fixed or Determinable Price
  • Collectibility

Much has been written as to what they are, but relatively little about how to apply them within a practical framework.  This course examines the four criteria and provides practical examples.  Jeff also covers common issues in the application of the four criteria and introduces aspects of the upcoming Topic 606 – Revenue from Contracts with Customers – and how current rules compare with the future rules of rev rec.

Learning Objectives

  • Identify the four basic criteria required to recognize revenue.
  • Discover how to apply the four basic criteria required to recognize revenue to arrangements with customers.
  • Discover how to map certain aspects of the forthcoming ASC 606 standard on revenue recognition to existing guidance.
Last updated/reviewed: June 10, 2018

42 Reviews (134 ratings)Reviews

5
Anonymous Author
Very helpful comparisons between the old and new standard. I would love to see another course that provides practical examples of applying the old standard vs. the new standard that would result in different outcomes under the two standards. This would help reinforce the understanding of the concepts under the two standards and how they could drive different results.
5
Member's Profile
I had only peripheral experience with revenue recognition before this course and now I have enough of an understanding to proceed with my study of ASC 606. This course was a perfect starting point. I thought it was laid out well and the examples were helpful. My next course will be one that mostly teaches by examples.
4
Anonymous Author
The instructor is very informative, the results of my test were also surprising on this since I took notes. The test need to reflect the material presented. Some of the answers were not obvious from the material presented.
5
Anonymous Author
I liked the way the material was presented. It compared the current revenue recognition rules with 606, and the examples provided after each concept. It will benefit revenue accountants who will be using rev 606
5
Member's Profile
Great class on the new revenue rules. I'm looking forward to taking the subsequent courses on this topic by this instructors. I like the examples he provides.
5
Member's Profile
This was a quick overview of Basic Revenue Recognition. I found it very informative and easy to listen too. I really liked the examples as well.
4
Anonymous Author
A nice summary but really requires a lot more detail (and time) to prepare one for meeting the reporting demands of this issue.
5
Anonymous Author
Excellent review of the basics in addition to how they fit into the new upcoming ASC606 revenue from contracts standard
4
Member's Profile
Good overview of revenue recognition principles and the changes. Examples helped understanding of material and concepts.
5
Member's Profile
I thought his presentation was great. For someone who has not worked with rev rec much it was clear and understandable.
5
Anonymous Author
This is a great short course. Jeff did an excellent discussion and elaboration of the 4 revenue generating criteria.
4
Member's Profile
I like the fact that the course was updated to include the new ASC 606 guidelines. Made it relevant today. Nice.
3
Member's Profile
Although, I thought I understood the course material, I had a heck of a time passing the test, which is unusual.
5
Anonymous Author
great class, educational and nice to stay abreast of all the changes in revenue standards.
4
Anonymous Author
Excellent review of the current rev rec criteria and how they relate to ASC 606.
5
Anonymous Author
instructor did a very good job presenting the information. Helpful examples
3
Anonymous Author
Good for basic understanding of rev rec standard and changes with ASC 605.
4
Anonymous Author
Bullet points - not the entire conversation or presentation - Please!!!!
5
Member's Profile
The instructor is easy to listen to. He keep the topic interesting.
4
Member's Profile
Good comparison of current revenue vs new standards. Good examples.
5
Anonymous Author
Really solid overview anyone recognizing revenue should listen to!
5
Anonymous Author
ASC 606 information needs to be updated for proposed amendments.
5
Anonymous Author
Easy to follow. Clear examples. No surprises. New SME.
5
Member's Profile
Great comparison of what is versus what will be in RevRec!
5
Anonymous Author
good course for review of criteria and intro to new rules
5
Member's Profile
Great overview of ASC 605 and the transition to 606.
4
Member's Profile
Rev rec is a heavily audited area. Good overview.
5
Member's Profile
Excellent explanation and analysis. Great course
4
Anonymous Author
Good information on new standards of rev rec.
5
Anonymous Author
very good refresher,, with excellent examples.
5
Member's Profile
I really appreciate the examples, thanks!
3
Member's Profile
did not care for the accompanying notes
3
Member's Profile
All questions are not clear
4
Anonymous Author
Easy to follow content.
5
Member's Profile
Very Informative
4
Member's Profile
great overview.
5
Anonymous Author
Great overview
5
Anonymous Author
Great learning
4
Anonymous Author
Good learning
4
Anonymous Author
Excellent!
5
Member's Profile
na
5
Member's Profile
OK

Prerequisites

Course Complexity: Intermediate

Prerequisite: Basic proficiency in US GAAP accounting and a basic knowledge of financial accounting and familiarity with how customers order products and services will be helpful.

Advanced Preparation: None

 

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
Lesson 1: Concepts and Introduction
  4:39Concepts and Introduction
Lesson 2: Persuasive Evidence
  11:11Persuasive Evidence
Lesson 3: Delivery and Performance
  15:10Delivery and Performance
Lesson 4: Fixed or Determinable Price
  7:42Fixed or Determinable Price
  7:29Fixed or Determinable Price Examples
Lesson 5: Collectibility
  5:56Collectibility
CONCLUSION
  2:14Recap and Closing
Continuous Play
  56:13Basic Revenue Recognition - Introduction and Application of the Four Recognition Criteria
SUPPORTING MATERIALS
  PDFSlides: Rev Rec Application of the Four Criteria
  PDFRev Rec Application of the Four Criteria Glossary/Index
REVIEW & TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM