This course provides an overview of the new revenue recognition standards prescribed by the Financial Accounting Standards Board (FASB) issued in May 2014. The new standards are effective for public business entities for annual reporting periods after December 1, 2017, including interim periods within that reporting period. For calendar year public filers, these entities will need to implement the new standards starting in 2018.

Learning Objectives
  • Recognize how the new revenue recognition standards were developed between the FASB and IASB.
  • Explore the list the five steps involved in the new revenue recognition model.
  • Recognize the considerations involved in identifying whether a contract exists.
  • Identify the considerations involved with measuring the transaction price.
  • Recognize the steps involved in allocating the transaction price to performance obligations.
  • Identify presentation issues with respect to contract assets and contract liabilities.
  • Discover and understand the overall disclosure requirements and transition methods related to the new standards.
  • Recognize key amendments from ASUs issued subsequent to the initial release of the new revenue recognition standards.
Last updated/reviewed: January 27, 2023
29 Reviews (104 ratings)

Reviews

5
Member's Profile
Whoa! Much has changed with respect to Rev. Rec. since I have last had to deal with it. Clearly, a very detailed and well thought out principle that will impact MANY. Although this was a fantastic introduction there is so much content one needs to take multiple classes/seminars just to even comprehend the basics.
4
Member's Profile
Solid overview of the "new" revenue recognition rules. I will use this as a reference in the future when reviewing various clients' different contracts with customers. There is almost too much here to really commit to memory, but having everything here in one place is a positive.
4
Member's Profile
Great course, very detailed and thorough in the presentation. I appreciated the structure and layout of the content which was very easy to read and follow. The main definitions were well called out and easy to identify for future reference.
4
Member's Profile
Great course, very detailed and thorough in the presentation. I appreciated the structure and layout of the content which was very easy to read and follow. The main definitions were well called out and easy to identify for future reference.
3
Anonymous Author
Difficult course will certainly be refering to the pdf as needed. Thankfully provided as a text based course. I don't know if I could have made it through a lecture on this subject.
5
Anonymous Author
Good summary for people able to self-study at self pace, nice to get 4 CPE credits at one shot, topic is a bit dry and video would be nice, but overall it worked for me.
5
Anonymous Author
Course was very informative. The professor did a great job of writing up this course. Interesting and useful information that can be applied to everyday accounting work.
5
Anonymous Author
This was a great overview of the new revenue recognition guidance and disclosure requirements. Excellent course if you want to get a quick overview.
5
Anonymous Author
I considered it excellent material, including the multiple choice exam which provides a complete metric for understanding the course.
5
Member's Profile
Lot is information, covers all main aspects of the Revenue Recognition guidance. The only drawback is that there were no examples.
5
Anonymous Author
Very comprehensive review of revenue recognition considerations. Will definitely be able to reference this in the future
5
Anonymous Author
Thorough course on revenue recognition. Very in depth but highly recommend if this is part of your practice.
5
Member's Profile
It was amazing refresher course on the revenue recognition principles and related guidelines and concepts.
5
Anonymous Author
This course was very helpful and provided a good refresher. I highly recommend this course to other CPAs!
5
Anonymous Author
this course was pretty comprehensive with the historical background, as well as nuanced considerations.
5
Anonymous Author
There is Such good material in this course and it is a great summary for keeping as a reference guide.
5
Anonymous Author
The text is well written. I learned something new and now have a great reference. Thank you.
4
Anonymous Author
The content was useful as a refresh to the revenue standards and why they were originally made.
4
Anonymous Author
Produces a thorough outline of recent developments related to revenue recognition principles.
5
Anonymous Author
This was a very clear presentation and course. It will make for a great reference tool.
4
Member's Profile
Very thorough discussion of guidance. Would be great to have it in video form.
5
Member's Profile
Would be more effective if updated with relevant ASUs issued through 2021.
4
Anonymous Author
Pretty good overview and help to have most of this content in one course.
5
Member's Profile
Another excellent review by this instructor. Very through and helpful.
4
Anonymous Author
A clear walkthrough and refresher on revenue recognition guidance!
5
Anonymous Author
This course is text based but provides a ton of great information.
5
Anonymous Author
I enjoyed this course, and I found it very informative.
3
Anonymous Author
Straightforward review of the new rev rec standards.
5
Anonymous Author
Great material. It was clear and easy to follow.
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Prerequisites
Course Complexity: Intermediate

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 CPE
Course Syllabus
COURSE MATERIAL
  Revenue Recognition Principles (Text Based Course)PDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam