This course is a text-based course providing an overview of Topic 606 (ASC 606) revenue recognition standard. The standard outlines five steps for proper compliance. At the surface, these steps seem simplistic. However, there are many considerations that should be considered within each step based on your process and industry. This course is designed to provide an overview of the technical guidance and outline the five steps involved in the revenue recognition model. We also explore some concepts to consider within each step and then evaluate some challenges that specific industries may have when complying with the standard.

The standard affects all entities (public, private, and not-for-profit) that have contracts with customers. Exclusions include:

  • Leases accounted for under FASB Accounting Standards Codification (ASC) 840, Leases.
  • Insurance contracts accounted for under FASB ASC 944, Financial Services - Insurance.
  • Most financial instruments and guarantees (other than product or service warranties).

Transaction and industry specific revenue recognition guidance is eliminated. It is replaced with a principle-based approach for determining revenue recognition. The new standard requires significantly more disclosure than previous generally accepted accounting principles (GAAP).

Learning Objectives
  • Identify the effective dates for the new standard.
  • Explore the need for the new standard.
  • Identify the core principle of the new standard.
  • Explore the new revenue recognition core principles and the five-step revenue model.
  • Identify the impact of the new standard on various revenue concepts.
  • Explore the impact of the standard on various industries.
Last updated/reviewed: January 19, 2023
5 Reviews (23 ratings)


Anonymous Author
This course provides a great printable reference for ASU606. I have printed and will refer to it often in my day to day work. Thank you

Anonymous Author
Good course. I learned more about the new revenue recognition standard and how it would impact various industries.

Anonymous Author
Very easy to follow and does a good job summarizing the key considerations of ASC 606.

Member's Profile
Thank you for summarizing the 606 content in such a helpful way!

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

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
  Revenue Recognition (ASC Topic 606) Standard Overview (Text Based Course)PDF