Applying Topic 606 in an environment of uncertainty can be especially challenging. This course discusses the proper application of the revenue recognition model when facts and circumstances are changing.

Major Topics:

  • Identifying contracts with customers
  • Defining performance obligations to the customer, including when multiple obligations are involved
  • Determining the total transaction, including noncash and long-term financing considerations
  • Allocating the transaction price and recognizing revenue as performance obligations are satisfied

Who Should Attend:
Anyone responsible for preparing or attesting upon financial statements.

Learning Objectives
  • Recognize challenges with judgments made in applying the revenue recognition model in uncertain times.
  • Apply appropriate accounting in accordance with Topic 606.
Last updated/reviewed: March 23, 2025
Prerequisites
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 Overview
Course Syllabus
INTRODUCTION AND OVERVIEW
  Learning Objectives0:38
  Overview and Portfolio Approach7:32
  Identifying a Contract8:24
  Collectibility Considerations24:26
  Contract Modifications7:58
  Identifying Distinct Performance Obligation14:28
  Few Considerations13:24
  Allocate the Transaction Price6:02
  Satisfaction of Performance Obligation13:20
  Contract Costs5:10
CONTINUOUS PLAY
  Revenue Recognition in an Environment of Uncertainty1:41:22
SUPPORTING MATERIAL
  Slides: Revenue Recognition in an Environment of UncertaintyPDF
  Revenue Recognition in an Environment of Uncertainty GlossaryPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam