This course is based on a live webinar on Revenue Recognition. Within the course we evaluate the Five Step Revenue Recognition Process and present case scenarios that live participants voted on.

The new updated standard “Revenue from Contracts with Customers Topic 606)” was issued on May 28, 2014, and became effective for public companies On December 15, 2017.

  • In May 2020, FASB issued an ASU granting a one-year effective date delay for certain organizations applying the RR guidance.
  • The ASU permits private companies and NFP organizations that have not yet applied the RR standard to do so for annual reporting periods beginning after December 15, 2019, and interim reporting periods within annual reporting periods beginning after December 15, 2020. This was due to the COVID pandemic.

Core Principle of the Standard:

  • An entity should recognize revenue to depict transfer of promised goods or services to customers in an amount reflecting consideration the entity expects to be entitled in exchange for those goods or services.

Transfer of “control” to the customer is the driving determinant in evaluating appropriateness of revenue recognition.

Within this webinar your will be able to not only have an understanding of the five-step process but also view how participants voted on the various scenarios during the live session.

Learning Objectives
  • Explore the five-step revenue recognition model.
  • Discover and evaluate step one “Identify the contract” - Practice Exercises.
  • Explore and evaluate step two “Performance Obligations” - Practice Exercises.
  • Identify and evaluate step three and four “Transaction price” and “Allocate” – Practice Exercises.
  • Discover and evaluate step five “Recognize revenue” - Practice Exercises.
Last updated/reviewed: October 30, 2023
1 Review (7 ratings)


Member's Profile
Solid course to refresh knowledge on revenue recognition

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
  Introduction to Revenue Recognition (ASC Topic 606): Case Studies for the 5 Step Recognition Process7:00
  Five Step Model17:36
  Exercise Two Identify the Contract11:18
  Step Two Performance Obligation12:36
  Performance Obligation Exercises9:38
  Step Three Transaction and Step Four Allocate10:22
  Transaction Price and Allocate Exercise7:34
  Step Five Recognize Revenue11:54
  Additional Examples5:26
  Continuation Health Club Exercise9:50
  Revenue Recognition (ASC Topic 606): Case Studies for the 5 Step Recognition Process1:47:46
  Slides: Revenue Recognition (ASC Topic 606): Case Studies for the 5 Step Recognition ProcessPDF
  Revenue Recognition (ASC Topic 606): Case Studies for the 5 Step Recognition Process Glossary/IndexPDF