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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: May 20, 2022

4 Reviews (10 ratings)Reviews

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
While this is text based, I would have liked to see a follow-up recording to highlight the really important stuff.
5
Anonymous Author
Good combination of 606 and new leasing rules. provided good overview.
5
Member's Profile
Extensive material with a great outline and pertinent examples

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 .
Course Syllabus
COURSE MATERIAL
  PDFKey Principles of Revenue Recognition & Leasing (Text Based Course)
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM