This course provides an overview of the second step in the revenue recognition process - the identification of performance obligations. This includes a discussion of key definitions and considerations along with the detailed accounting guidance from ASC Topic 606. This course incorporates excerpts from the FASB’s basis for conclusions as well as post-implementation information provided by the FASB from its comprehensive Q&A Publication.

Learning Objectives
  • Explore and list the five steps involved in the new revenue recognition model.
  • Recognize the criteria involved in identifying performance obligations.
  • Identify post-implementation issues and considerations provided by the FASB.
Last updated/reviewed: March 22, 2024
10 Reviews (38 ratings)

Reviews

5
Anonymous Author
Good discussion of step 2 in Rev Rec- Identifying performance obligations.

5
Anonymous Author
Very involved course on ASC 606 regarding identifying a performance obligation. The materials reference to FASB's view on certain transactions shows the complexity of revenue recognition and gets one thinking on some complexities companies are faced with. I would recommend this course

5
Anonymous Author
Nice review of performance obligations included in the new revenue recognition model. One recommendation is to have more examples.

5
Member's Profile
Really enjoyed this course. It was a good refresher course and brought up subject matter that I had almost forgot about.

4
Anonymous Author
Subsequent to the issuance of ASU 2014-09, the FASB has continued to issue various amendments to ASC Topic 606.

5
Anonymous Author
This was a good basic refresher course to help understand how to identify performance obligations.

4
Anonymous Author
Good course. A few more examples would have made it better, but then again it's only an hour

5
Anonymous Author
This instructor always has good materials. Good refresher on important ASC 606 topics.

3
Anonymous Author
good update on revenue recognition and performance obligations

5
Anonymous Author
The course materials are detailed and well-organized.

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 Syllabus
COURSE MATERIAL
  Revenue Recognition - How to Identify Performance ObligationsPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam