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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: November 14, 2020

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 .
Course Syllabus
SUPPORTING MATERIAL
  PDFRevenue – Five Steps to Recognition
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM