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Lynn Fountain, CPA, CGMA, CRMA, MBA, Consultant, Author, Trainer
Former Chief Audit Executive for two global companies, expert in SOX, COSO, ERM and corporate governance frameworks. Nationally recognized trainer, speaker published author.
This instructor has 192 courses »To Access This Course:
Entities applying the new Accounting Standards Codification (ASC) Topic 606: Revenue from Contracts with Customers must follow five steps to revenue recognition:
- Identify the contract with the customer
- Identify performance obligations
- Determine transaction price
- Allocate transaction price to performance obligations
- Recognize revenue when each performance obligation is satisfied
This course briefly outlines each of the five steps and then works through various exercises and scenarios covering each of the steps. The course utilizes many examples from numerous industries to enhance learning of the various concepts.
Learning Objectives
Lesson Objectives
- Explore step one “Identify the Contract”
- Identify solutions to exercises for step one.
- Explore step two “Performance Obligations”
- Identify solutions to exercises for step two.
- Explore step three “Determine the Transaction Price”
- Identify solutions to exercises for step three.
- Explore step four “Allocate the Transaction Price”
- Identify solutions to exercises for step four
- Explore step five “Recognize Revenue”
- Identify solutions to exercises for step five.
Last updated/reviewed: June 11, 2021
Included In Certifications
This course is included in the following Certification Programs:
16 CoursesRevenue Recognition Certification
- Revenue Recognition Standard Overview
- Revenue Recognition: Identify The Contract Part 1
- Revenue Recognition: Identify The Contract Part 2
- Revenue Recognition: Performance Obligations Part 1
- Revenue Recognition: Performance Obligations Part 2
- Revenue Recognition: Transaction Price Part 1
- Revenue Recognition: Transaction Price Part 2
- Revenue Recognition: Allocating Transaction Price
- Revenue Recognition: Recognize Revenue
- Revenue Recognition: Scenarios For Identify The Contract
- Revenue Recognition: Scenarios For Performance Obligations
- Revenue Recognition: Scenarios For Transaction Price
- Revenue Recognition: Scenarios For Transaction Price And Recognize Revenue
- Revenue Recognition: Case Scenarios Part 1
- Revenue Recognition: Case Scenarios Part 2
- Revenue Recognition COVID Implications
40 Reviews (193 ratings)Reviews
Arvind Mohan
(Director at RMS)
I like the timing and content of this course for two reasons:
a) it forced me to revisit the notes I'd taken from prior courses
b) solidify my understanding of the more abstract concepts, especially contract modification accounting and distinct/non-distinct activities.
There are still errors in the presentation that I encourage the authors to rectify for future students.
Taking a step back, the set of courses offered towards the 606: revenue from contract with customers is excellent value. It sets up a great foundation from which to build on. The author, to a decent extent, covers the breadth of guidance. It bears to note that it is still incumbent on the student to pick up the guidance in specific areas.
Alvin Scott
(Revenue Operations Analyst at SurveyMonkey)
I think this case scenarios course is the most important of all the course. It puts all of what we've learned in the first half of the class to the test with real life case scenarios. Some of the topics I believed I understood fully until I got to the case scenarios. Excellent course!
Anonymous
(Manager)
The course was great and bery thorough. I enjoyed the various cases they really added to the experience. The instructor spoke at a good pace, and was pretty engaging. Overall i would definitely recommend this course to anyone who is looking to learn more about revenue recognition.
Anonymous
(Project Manager)
Overall the course gave terrific examples on walking through each step of the revenue recognition model. Further, the course gave some specifics on more of the unique areas of the guidance which is very beneficial.
Anonymous
(Senior Internal Auditor)
This course is helpful and a good refresher. The time allotted is sufficient to cover all relevant topics associated with the course. The instructor was knowledgeable of the course materials.
Maya Walker
(VP Finance at Carnegie Technologies)
Great examples, really helped my understanding. Lynn Fountain has done the best job explaning the new rev rec principles compared to the other sources I've done CPE with. Highly recommend.
Inna Shmukler
(Controller at Fornetix LLC)
Most of these course was just a repeat of the information in other courses related to topic 606. I wish it included more of the analysis of various cases, as the course title suggested.
Anonymous
(VP Finance)
This is a very good course to further understand Topic 606. I recommend completing this course after completing all the revenue recognition sections taught by Ms. Fountain.
Anonymous
(Controller)
Excellent use of examples to demonstrate the proper application of the standards. Recommend completing after taking step-specific courses to solidify grasp of concepts.
Katherine Hart
(None at Not Applicable)
Lynn is one of the best professors on this platform. I love all of her courses and this one was no exception! Great examples and an awesome breakdown of each concept.
Anonymous
(Controller)
This course covered the stated learning objectives. I now have better understanding of how to apply the new revenue recognition standard in various scenarios.
Emma Chowns
(Senior Accountant at CipherHealth)
I thought I had a fundamental misunderstanding here but the instructor was quick to respond and put me back on the right track, on a Sunday. Above and beyond!
Anonymous
(Controller)
It was very helpful to have all the case examples to show how to actually apply the topic. It helped to better understand each step.
Kristine Mendoza
(Sr Manager at None)
Very well presented. Step by step process was laid out carefully and was easy to understand. More examples could have been provided.
Anonymous
(Director of SEC Reporting)
This course has a lot of easy to understand examples to help the understanding of the 5 steps in revenue recognition under ASC 606.
Sherri Yokomizo
(Senior Assistant Controller at Oracle + NetSuite)
Course provides useful examples to apply the concepts to realistic scenarios. Well presented and clear, concise examples.
Dowton Martin
(Accounting and Finance Consultant at DLC Inc)
Great course and excellent examples. I would recommend to anyone wanting to obtain knowledge in the new revenue standard.
Anonymous
(-)
Another great course from L. Fountain, with case scenarios to facilitate a deep understanding of the material presented.
Joyce Holiday
(Consultant at DLC)
Very helpful course for those that are trying to get updated on how to evaluate things under the new ASC 606 standard.
Anonymous
()
This is a very interesting course on the new revenue recognition standard presented in a very clear manner
Anonymous
(Consultant)
Great class, revenue recognition is a very important topic. Breaks down each component of the analysis.
Jacinth Vidinha
(Controller at Madden Media)
Very straightforward and clear explanations with well designed exercises that reinforce the material.
Anonymous None
(Manager at None)
This course is excellent. It gives detailed and relevant examples and thorough explanations.
Anonymous
(CFO)
I found the course useful in helping me to better understand the concepts of ASC 606
Anonymous
(NA)
This course is a repetition of whatever has been explained in the earlier sessions
Anonymous
(Business Controller, Waze)
good overview of ASC 606 revenue recognition principles. Examples were handy
Anonymous
(Consultant)
liked that this was a really good summary of the 5 steps with good examples
Anonymous
(Sr. Accountant)
Great job, Lynn! Your explanations made everything so simple to understand.
Anonymous
(Revenue Accountant)
Good course overall. This was great for continuing education on topic 606.
Anonymous
(Senior Accountant)
Good overview of 606, that will be helpful as we complete our reporting.
Robert Merii
(CFO at N/A)
Very good examples for the standard. Good overview for level of course.
Robert Stellato
( at DS Smith)
Excellent course.. I really learned a lot! This course was very helpful
Anonymous
(Self)
Good review of prior courses and pulled it all together with examples.
Dianne Conry
(Consultant at Kranz)
Case studies were very helpful in walking through the 5-step process
Anonymous
()
Thanks Lynn, I am quite satisfied with the info. You are the best.
Anonymous
(Sr. Revenue accountant)
Great course for rev rec.. could have used more examples though!
Anonymous
(Associate Director)
This course provided a good overview about revenue recognition.
Patricia Meckes
( at CSMC)
Very thorough and good real life examples. The pace was good.
Doug Slaybaugh
( at The CPA Coach)
Loved the examples and your patience walking through them.
Angela Duncan
(Consultant at DLC Group)
Good walk through of the model and I liked the exercises
Prerequisites
Course Complexity: Intermediate
No Advanced Preparation or Prerequisites are needed 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 .