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This is a Premium course and can only be enrolled by curriculum:

This course is dedicated to Step One of the new revenue recognition model “Identify the Contract”.  Previous courses have outlined each of the individual five steps of the model and provided case examples.  We have also developed two broad case study courses that cover scenario examples for each of the five steps.

In order to focus directly on aspects within each step, we are creating individual courses with multiple case scenarios that apply to the individual given steps.  This course applies to Step One – Identify the Contract.  The course includes the many components that must be considered for a contract to be in place and enforceable. We also review case scenarios that cover contract modifications and practices, contract combinations and other elements included in Step One.

After taking this course, you should be able to effectively apply your understanding of Step One of the revenue recognition model to specific scenarios within your business.  Each learning objective listed utilizes multiple examples from various industries to help interpret and practice the concept.

Note: Information within this course comes from readily available public domain documents and is utilized by the trainer as a supplement for relaying the course content.

Resources Consulted:
• ASC 606-10-32-15 to 32-20, 55-244 to 55-246.
• ASU 2014-09: “Revenue from Contracts with Customers.” BC229-BC247.
• Croner-I, “A14 Revenue from Contracts with Customers.” (2019). Section 7.4.2-2 and 7.4.2-2.
• FASB, ”Revenue Recognition Implementation Q&As.” January 2020). Questions 31-37.
• FASB TRG Memo 20: “Significant Financing Components.” 26 January 2015.
• FASB TRG Memo 30: “Significant Financing Components.” 30 March 2015.
• EY, Financial Reporting Developments: “Revenue from contracts with customers.”January 2020. Section 5.5.
• KPMG, Handbook: “Revenue Recognition.”December 2019. Section 5.5.
• PWC, “Revenue from contracts with customers”March 2020. Section 4.4.
https://www.revenuehub.org/

Learning Objectives

  • Explore scenarios for Identify the Contract.
  • Explore scenarios for contract existence.
  • Explore scenarios for contract modifications.
  • Explore scenarios for unpriced change orders.
  • Explore scenarios for modifications applying the cumulative catch-up method.
  • Explore scenarios for contract combinations.

 

 

Last updated/reviewed: May 26, 2022

Included In Certifications

This course is included in the following Certification Programs:

17 CoursesRevenue Recognition Certification

  1. Revenue Recognition (ASC Topic 606) Standard Overview
  2. Revenue Recognition (ASC Topic 606): Identify The Contract Part 1
  3. Revenue Recognition (ASC Topic 606): Identify The Contract Part 2
  4. Revenue Recognition (ASC Topic 606): Performance Obligations Part 1
  5. Revenue Recognition (ASC Topic 606): Performance Obligations Part 2
  6. Revenue Recognition (ASC Topic 606): Transaction Price Part 1
  7. Revenue Recognition (ASC Topic 606): Transaction Price Part 2
  8. Revenue Recognition (ASC Topic 606): Allocating Transaction Price
  9. Revenue Recognition (ASC Topic 606): Recognize Revenue
  10. Revenue Recognition (ASC Topic 606): Scenarios For Identify The Contract
  11. Revenue Recognition (ASC Topic 606): Scenarios For Performance Obligations
  12. Revenue Recognition (ASC Topic 606): Scenarios For Transaction Price
  13. Revenue Recognition (ASC Topic 606): Scenarios For Transaction Price And Recognize Revenue
  14. Revenue Recognition (ASC Topic 606): Case Scenarios Part 1
  15. Revenue Recognition (ASC Topic 606): Case Scenarios Part 2
  16. Revenue Recognition (ASC Topic 606) COVID Implications
  17. Revenue Recognition (ASC Topic 606): Disclosure Requirements “Contracts with Customers”

17 Reviews (81 ratings)Reviews

4
Anonymous Author
Good course for regular subscription price (not certification price). Benefited from taking all the courses. A lot of repetition could be viewed as reinforcing or redundant depending on how quickly can learn. Would rely on wording on slides more than those spoken, as less technically precise. Now have strong foundation in ASC 606.
4
Member's Profile
Good course, but some examples were the same or very similar to ones discussed in Identifying the Contract Part 1 and 2. It would have been more beneficial to evaluate different cases. Overall, a very helpful course to get a deeper understanding in identifying contracts and contract modification.
5
Anonymous Author
I have taken several of the instructor's courses on the matter and find each one of them quite helpful. Her examples really help to bring home the topic.
4
Anonymous Author
This course is full of examples to bring the finer points of the Revenue Recognition guidance into practice. Another great course from Lynn Fountain!
3
Anonymous Author
this course was interesting but also repetitive from the other lesson. a slide with the transcript would be helpfil
4
Member's Profile
A pretty good revisit of identifying the contract topic discussed earlier. Good examples form various industries.
5
Member's Profile
Excellent course and the material and examples were very detailed and covered the review topic.
4
Anonymous Author
Thanks for another informative course! The videos and slides were easy to follow along with.
5
Anonymous Author
Some of the questions were really tricky but definitely walking through them all was helpful
4
Anonymous Author
Good course and the practical examples were easy and helpful to understand the subject
5
Anonymous Author
very good reinforcement of the regulations taught during previous sessions.
5
Anonymous Author
I truly learned a lot from this course, and the examples were excellent!
3
Anonymous Author
Very good examples for contract modifications which is a tough area
4
Anonymous Author
may tough scenarios - found this to be the toughest section yet
4
Anonymous Author
Pretty good examples, wish there were some SaaS examples.
4
Anonymous Author
More good practice and examples of prior course material.
3
Anonymous Author
Very nicely explained concepts and appropriate examples

Prerequisites

Course Complexity: Intermediate

No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the other courses in the series prior to completing this one.

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
INTRODUCTION AND OVERVIEW
  3:54Introduction to Revenue Rec: Case Scenarios for Identify the Contract
  8:52Contract Existence
  7:17Exercise One: Contract Existence Consulting
  10:09Contract Existence Exercise Three Naming Rights
  7:38Contract Modification
  8:57Exercise One: Contract Modification Manufacturing
  4:29Exercise Four: Contract Modification Construction Continued
  5:03Example: Unpriced Change Order
  9:04Example: Modifications Cumulative Catch Up
  2:59Conclusion
CONTINUOUS PLAY
  1:08:21Revenue Rec: Case Scenarios for Identify the Contract
Supporting Materials
  PDFSlides: Revenue Rec: Case Scenarios for Identify the Contract
  PDFRevenue Rec: Case Scenarios for Identify the Contract Glossary/Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM