This course provides an overview of the revenue recognition standards prescribed by the Financial Accounting Standards Board (FASB) in ASC Topic 606.

This course 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.

Learning Objectives
  • Explore 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: August 20, 2023
25 Reviews (102 ratings)

Reviews

4
Anonymous Author
This course provides an overview of the revenue recognition standards prescribed by the Financial Accounting Standards Board (FASB) in ASC Topic 606. This course 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.

5
Anonymous Author
Good, efficient course. I really like the text-based courses; the materials were thorough and I was able to gain a full understanding of the five step process to revenue recognition. The materials were well written and easily understandable as well.

5
Anonymous Author
A pretty good summary of the new revenue recognition, ASC 606's 5-steps process. It covers most of the important points in only 29 pages course material as compared to many more pages of related guidance form big 4 accounting firms.

5
Anonymous Author
This was my first course on illumeo and I was not expecting it to be PDF. But really enjoyed reading through it at my own pace and going back and reviewing areas I wasn't 100% confident on.

5
Anonymous Author
Excellent text-based summary of revenue recognition standard. I would say that it is easier to consume the information if one has had at least some prior exposure to the subject.

5
Member's Profile
Very easy to follow. I need to study this subject for work and was happy to find this course. I think it helps me to refresh the concepts I learned in school and apply to work.

5
Anonymous Author
The course was a great introduction to the 5 steps of revenue recognition. The examples were spot on and would recommend to anyone who is interested in revenue recognition.

3
Anonymous Author
in the interest of full disclosure I took this gentlemen's 4 hour RevRec course and use this test as a 'reminder' opportunity. Clearly the authors approach stuck.

5
Member's Profile
My first text course, and I enjoyed it more than I thought I would. Well written and thorough, it's good material that I will use almost immediately in practice.

5
Member's Profile
I like the written courses. Mr. Camehl does a great job of putting together great documents to draw upon and glean necessary information from.

5
Anonymous Author
Great course - really challenged me to think back through the 606 model and how the steps apply to different fact patterns. Such fun.

5
Anonymous Author
Thank you for a great course on the new revenue recognition standards. It is nice having everything in an easy to reference PDF.

5
Anonymous Author
Outstanding coverage of the ASC 606 topic. Comprehensive, well laid-out and easy to follow. Highly recommended.

5
Anonymous Author
Includes a well crafted supporting pdf. Sufficient to address the complexities of construction contracting.

5
Anonymous Author
Very great high level overview of the new revenue recognition standards. Highly recommend this course.

4
Member's Profile
Good overview

5
Anonymous Author
Additional good information, concisely written on this complex topic. Presented well.

5
Anonymous Author
A very thorough and well-explained review of the concepts involved in the process.

3
Anonymous Author
I listed the five steps involved in the new revenue recognition model

5
Anonymous Author
Great text class - very thorough materials that are easy to follow.

4
Anonymous Author
I enjoyed the course, and found the information very informative.

5
Anonymous Author
The materials are clearly structured with detailed explanations.

4
Anonymous Author
Nice Compact overview for refreshing my knowledge base.

5
Anonymous Author
I really liked the text based format of this course.

5
Member's Profile
This is good material and final exam for CPE credit.

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
SUPPORTING MATERIAL
  Revenue – Five Steps to RecognitionPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam