Instructor for this course

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: November 26, 2020

8 Reviews (21 ratings)Reviews

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.
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.
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.
Member's Profile
It was amazing refresher course on the revenue recognition principles and related guidelines and concepts.
Anonymous Author
The text is well written. I learned something new and now have a great reference. Thank you.
Anonymous Author
Produces a thorough outline of recent developments related to revenue recognition principles.
Member's Profile
Would be more effective if updated with relevant ASUs issued through 2021.
Anonymous Author
Straightforward review of the new rev rec standards.


Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.

Education Provider Information

Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
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 .
Course Syllabus
  PDFRevenue Recognition Principles (Text Based Course)