This course provides an overview of the revenue recognition standards prescribed by ASC Topic 606. This chapter focuses specifically on the five-step model for revenue recognition including identifying a contract, identifying performance obligation, determining the transaction price, allocating the transaction price to performance obligations, and recognizing revenue.

Course Series

This course is included in the following series:

8 CoursesGAAP Hot Topics - What You Need to Know

  1. GAAP Hot Topics - What You Need to Know Chapter 1: Accounting for Business Combinations (Text Based Course)
  2. GAAP Hot Topics - What You Need to Know Chapter 2: Revenue Recognition (Text Based Course)
  3. GAAP Hot Topics - What You Need to Know Chapter 3: Lease Transactions (Text Based Course)
  4. GAAP Hot Topics - What You Need to Know Chapter 4: Goodwill Impairment (Text Based Course)
  5. GAAP Hot Topics - What You Need to Know Chapter 5: Segment Reporting (Text Based Course)
  6. GAAP Hot Topics - What You Need to Know Chapter 6: Accounting for Software (Text Based Course)
  7. GAAP Hot Topics - What You Need to Know Chapter 7: Accounting Changes & Error Corrections (Text Based Course)
  8. GAAP Hot Topics - What You Need to Know Chapter 8: Non-GAAP Financial Measures (Text Based Course)
Learning Objectives
  • Discover and list the five steps involved in the new revenue recognition model.
  • Recognize the considerations involved in identifying whether a contract exists.
  • Identify the considerations involved with measuring the transaction price.
  • Recognize the steps involved in allocating the transaction price to performance obligations.
Last updated/reviewed: March 11, 2024
9 Reviews (40 ratings)

Reviews

5
Anonymous Author
Good discussion of the new Revenue Recognition Guidance. Nice examples.

4
Anonymous Author
I can list the five steps involved in the new revenue recognition mode. I can also recognize the considerations involved in identifying whether a contract exists.

4
Anonymous Author
ASC 606 can have some technical speak that can sometimes be unclear. Kelen does a great job at creating this in clear and concise and is easy to absorb.

4
Member's Profile
I enjoyed this course. The course was at an appropriate level for me, and it had with the right amount of examples.

5
Member's Profile
Great review of each of the Five Steps for Revenue Recognition. Will save the PDF for reference. Thanks.

5
Anonymous Author
The materials are well organized with many citations and some examples.

5
Anonymous Author
Good revenue refresher that was easy to follow all the way through.

5
Anonymous Author
This was an excellent course. Easy to follow and complete.

5
Anonymous Author
I enjoyed the course, and I found it very informative.

Prerequisites
Course Complexity: Foundational

No advanced preparation or prerequisites are required 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 .
Instructor for this course
Course Syllabus
COURSE MATERIAL
  GAAP Hot Topics - What You Need to Know Chapter 2: Revenue Recognition PDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam