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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 17, 2020

8 Reviews (28 ratings)Reviews

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.
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
Anonymous Author
Outstanding coverage of the ASC 606 topic. Comprehensive, well laid-out and easy to follow. Highly recommended.
5
Anonymous Author
A very thorough and well-explained review of the concepts involved in the process.
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
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 .
Course Syllabus
SUPPORTING MATERIAL
  PDFRevenue – Five Steps to Recognition
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM