4 CPE 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: August 4, 2023
41 Reviews (136 ratings)
Reviews
Tim Feeney
(Owner at HF Management Group)
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.
Anonymous
(Director of Accounting)
Great self-paced course that provides a good overview of ASC 606. If you enjoy reading and self-learning then this is the course for you as you just get a PDF of the course materials and go at your own pace. If you prefer an instructor and teaching, then look for the non text-based version.
Rodney Troyer
( at Wayne Garage Door)
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.
Anonymous
(disabled)
Very complex topic with a lot of information to learn. This is an excellent course that gives you a very through history on revenue recognition and how the board addressed and explained certain comment letters issues. This is a great foundation course to use for future lessons.
Sam Bakhshalian
(VP Finance at Aspire Food Group)
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.
Michael DeVito
( at Dassualt Falcon Jet)
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
(Associate Director)
Overall the course is a great overview of ASC 606. This course is technically outdated, but still has all the relevant documentation needed to get a great overview of ASC 606 in 1 easily searchable document.
Anonymous
(member)
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.
Anonymous
(Manager)
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.
Anonymous
(Private Equity Accountant)
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.
Anonymous
(Accounting Manager)
This was a great overview of the new revenue recognition guidance and disclosure requirements. Excellent course if you want to get a quick overview.
Anonymous
(Auditor)
I considered it excellent material, including the multiple choice exam which provides a complete metric for understanding the course.
Inna Shmukler
(Controller at Fornetix LLC)
Lot is information, covers all main aspects of the Revenue Recognition guidance. The only drawback is that there were no examples.
Anonymous
()
great course from kelen. once again, big fan of these text courses. No BS, just the good stuff! Let's learn by understanding!
Anonymous
(Revenue Recognition Manager)
Very comprehensive review of revenue recognition considerations. Will definitely be able to reference this in the future
Anonymous
(Controller)
The content is very well written. I will refer to this in future when questions around revenue recognition arise.
Brett Federer
( at inVia Robotics, Inc.)
Rev. Rec. is such a complicated topic, though this course has a great handout that helps make things more clear.
Anonymous
(Controller)
The course covered the revenue recognition standard at a level of detail that was digestible and insightful.
Anonymous
(Accounting Manager)
Thorough course on revenue recognition. Very in depth but highly recommend if this is part of your practice.
Mahmoud Eltaher
( at PwC)
It was amazing refresher course on the revenue recognition principles and related guidelines and concepts.
Anonymous
()
This course was very helpful and provided a good refresher. I highly recommend this course to other CPAs!
Anonymous
()
this course was pretty comprehensive with the historical background, as well as nuanced considerations.
Anonymous
(Controller)
There is Such good material in this course and it is a great summary for keeping as a reference guide.
Lindsey Tookey
(Director of Financial Accounting at Instacart)
Very focused on the FASB and guidance release timelines and less focused on practical application.
Anonymous
(Revenue Accountant)
The text is well written. I learned something new and now have a great reference. Thank you.
Anonymous
()
The content was useful as a refresh to the revenue standards and why they were originally made.
Anonymous
(Manager/Corporate Planning)
Produces a thorough outline of recent developments related to revenue recognition principles.
Anonymous
()
Thorough treatment of topic. Excellent treatment of the various pronouncements and dates.
Anonymous
(Chief of Operations)
This was a very clear presentation and course. It will make for a great reference tool.
Anonymous
()
This CPE covered a lot of useful information as it pertains to revenue recognition.
Ricardo De Alba
(Controller at Harvest Church)
Very thorough discussion of guidance. Would be great to have it in video form.
John Croyle
(CEO at W9manager)
Would be more effective if updated with relevant ASUs issued through 2021.
Anonymous
(CFO)
Pretty good overview and help to have most of this content in one course.
Anonymous
(accountant)
The materials are well organized with detailed information and citations.
Susan Nielsen
( at MasterControl)
Another excellent review by this instructor. Very through and helpful.
Anonymous
(Finance Director)
A clear walkthrough and refresher on revenue recognition guidance!
Anonymous
()
This course is text based but provides a ton of great information.
Anonymous
()
List the five steps involved in the new revenue recognition model.
Anonymous
(Senior Revenue Manager)
I enjoyed this course, and I found it very informative.
Anonymous
()
Straightforward review of the new rev rec standards.
Anonymous
(CEO)
Great material. It was clear and easy to follow.
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
.
Kelen CamehlCPA, MBA
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