2.0 CPE 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: August 14, 2023
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19 Reviews (73 ratings)
Reviews
Anonymous
(disabled)
This course is very informative on revenue recognition and gives a great background on the history of codification 606. The 5 steps and examples are basic enough to understand. I would recommend to anyone looking to get exposure to this complex subject matter.
Anonymous
()
Great course loved mentally going back through the 5-step model. I also enjoyed learning about the administrative side and the intent behind the model.
Anonymous
(Revenue Accountant)
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
(Controller)
There are many factors that we need to be aware of with ASC 606. I have done several CPEs related to ASC 606 and there is a lot to learn.
Anonymous
()
Good course. I learned more about the new revenue recognition standard and how it would impact various industries.
Anonymous
(Financial Systems)
this course was very informative and I enjoyed reading about the material. thanks for putting the course together
Anonymous
()
The new Rev. Rec. rules are super complicated. I feel this course was good at teaching a hard topic.
Joe DeFelice
(Consultant - Controller at DLC Group)
Good overall introduction
Anonymous
(Assistant Controller)
Very easy to follow and does a good job summarizing the key considerations of ASC 606.
Anonymous
(Senior Accountant)
Super good course in laying the foundation for understanding the nuances of ASC 606.
Nathan Rutz
( at Protiviti)
Great overview that hit on all aspects of ASC606. Great refresher of past knowledge.
Anonymous
(Director Net Revenue)
Examples were detailed and helpful - industry impact was also very interesting
Anonymous
()
In the previous
standard, the focus was on a risk and reward concept
Anonymous
(Director - Accounting)
The text based course provided a good general overview of ASC 606.
Susan Nielsen
( at MasterControl)
Thank you for summarizing the 606 content in such a helpful way!
Anonymous
(accountant)
The material is well-organized and has detailed explanations.
Anonymous
(cpa)
Excellent overview. Saving the file for future reference.
Anonymous
(Senior Revenue Manager)
I enjoyed the course, and I found it very informative.
Anonymous
(Controller)
The course provided a good general overview of ASC 606.
Prerequisites
Course Complexity: Foundational
No advanced preparation or prerequisites are required for this course.
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
.
Lynn FountainCPA, CGMA, CRMA, MBA, Consultant, Author, Trainer
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