This course provides an overview of the key principles related to both revenue recognition and leasing transactions. The revenue recognition guidance is included within ASC Topic 606 and includes a five-step model identifying a contract, identifying performance obligation, determining the transaction price, allocating the transaction price to performance obligations, and recognizing revenue. The lease accounting and reporting requirements are outlined in ASC Topic 842. This topic addresses areas such as how to correctly identify a lease within a contract, as well as the overall recognition, measurement, subsequent measurement, and disclosure requirements.

Learning Objectives
  • Identify 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.
  • Discover and determine whether an arrangement contains a lease.
  • Identify considerations with respect to substitution rights.
  • Identify the criteria for the new finance lease and short-term leases.
  • Recognize the new recognition and measurement requirements for both lessees and lessors.
  • Identify the requirements related to lease modifications.
  • Identify presentation and disclosure requirements for both lessees and lessors.
Last updated/reviewed: August 4, 2023
18 Reviews (80 ratings)

Reviews

5
Anonymous Author
This was a great course that provided overviews to two very relevant topics (revenue and leases). I found the text easy to follow and I liked that for each topic, all of the steps were clearly outlined.

4
Anonymous Author
Good overview of the principles revenue recognition and leasing. Material will come in handy when evaluating contracts and when revenue is recognized.

5
Anonymous Author
Good overview of the principles revenue recognition and leasing. Material will come in handy when evaluating contracts and when revenue is recognized.

5
Anonymous Author
Thorough and detailed course on Revenue Recognition, if you do not work closely with this material this will be a challenge.

5
Anonymous Author
The new lease guidance is really helpful. The revenue section is covered in another course, but I enjoyed the review.

5
Anonymous Author
While this is text based, I would have liked to see a follow-up recording to highlight the really important stuff.

5
Member's Profile
Very helpful and thorough summary of these two major GAAP changes. Thanks for summarizing that!

5
Anonymous Author
this course was really well written. The material was well organized and easy to follow.

5
Anonymous Author
Class covered revenue recognition and leasing in depth. Detailed information provided.

4
Anonymous Author
Enjoyed having the text based course. Super helpful to reference during the final exam

4
Anonymous Author
Key Principles of Revenue Recognition and Leasing (Text Based Course) - great course

5
Anonymous Author
The material is well organized with clear explanation and terms quoted from FASB.

5
Anonymous Author
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5
Anonymous Author
Good combination of 606 and new leasing rules. provided good overview.

5
Member's Profile
Great refresher course on ASC 606, very happy I took this course.

5
Member's Profile
Extensive material with a great outline and pertinent examples

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

5
Member's Profile
Nice review of the key principles of ASC 606 and 842

Prerequisites
Course Complexity: Intermediate

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
  Key Principles of Revenue Recognition & Leasing (Text Based Course)PDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam