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The new revenue recognition standard outlines five steps for proper compliance. At the surface, these steps seem simplistic. However, there are many components that should be considered within each step based on your process and industry. Previous courses in this series have covered the standard at a high level and evaluated steps one through four of the standard. They are:
- Complying with the Revenue Recognition Standard
- Revenue Recognition: Considerations for Identifying the Contract - Part One and Part Two
- Revenue Recognition: Considerations for Performance Obligations – Part One and Part Two
- Revenue Recognition: Considerations for Transaction Price – Part One and Part Two
- Revenue Recognition: Allocate Transaction Price to Performance Obligations
This segment is designed to evaluate Step Five of the new model dealing with recognizing revenue which is the final step in applying the new revenue recognition standard. For performance obligations that are fulfilled at a point in time, revenue is recognized at the fulfillment of the performance obligation. For performance obligations satisfied over time, an entity must decide how to appropriately measure the progress and completion of the performance obligation. A performance obligation is satisfied when or as control of the good or service is transferred to the customer. There are several issues companies should consider in applying step 5 of the standard:
- Determining if a Performance Obligation is satisfied over time
- Identifying indicators of transfer of control of goods/services
- Utilizing input and output methods to measure progress of revenue recognition
- Understanding stand-ready obligations and how to apply discounts.
Within this segment, we will cover the aspects of recognizing revenue.
Learning Objectives
- Explore how to recognize revenue in step five of the new revenue recognition standard.
- Explore how to recognize revenue over a period of time
- Explore how to manage revenue satisfied at a point in time
- Explore how to measure progress of performance obligations and properly recognize revenue.
- Identify restrictions for measuring progress.
- Identify principles for measuring progress.
Last updated/reviewed: November 25, 2019
Included In Certifications
This course is included in the following Certification Programs:
15 CoursesRevenue Recognition Certification
- Revenue Recognition Standard Overview
- Revenue Recognition: Identify The Contract Part 1
- Revenue Recognition: Identify The Contract Part 2
- Revenue Recognition: Performance Obligations Part 1
- Revenue Recognition: Performance Obligations Part 2
- Revenue Recognition: Transaction Price Part 1
- Revenue Recognition: Transaction Price Part 2
- Revenue Recognition: Allocating Transaction Price
- Revenue Recognition: Recognize Revenue
- Revenue Recognition: Scenarios For Identify The Contract
- Revenue Recognition: Scenarios For Performance Obligations
- Revenue Recognition: Scenarios For Transaction Price
- Revenue Recognition: Scenarios For Transaction Price And Recognize Revenue
- Revenue Recognition: Case Scenarios Part 1
- Revenue Recognition: Case Scenarios Part 2
35 Reviews (201 ratings)Reviews
Anonymous
(VP Finance)
Great course to go over step 5 of the revenue recognition standard under Topic 606 and application of the standard to specific examples
Anonymous
()
Course fully met expectations. Was well structured and presented.
Anonymous
(Vice President and Corporate Controller)
Good course for regular subscription price (not certification price). Benefited from taking all the courses. A lot of repetition could be viewed as reinforcing or redundant depending on how quickly can learn. Would rely on wording on slides more than those spoken, as less technically precise. Now have strong foundation in ASC 606.
Alex Enright
(Financial Analyst - LIFT at Cisco)
This course went in depth into the ASC-606 from a conceptual standpoint. I wish there were more applicable examples where the viewer could work through problems. I would have been helpful to add practice on how to allocate transaction price or how much revenue to recognize at a certain point in the contract term.
Anonymous
(Project Manager)
The instructor provides great overview of Step 5, as well as putting in real life examples that can be utilized as reference points when documenting and creating memos. Good overview, and good to take to set up a foundational knowledge of Step 5
Anonymous
(Sr. Director of Cost Management and Comp..)
Good, comprehensive overview of the final step of revenue recognition in determining whether the recognition is point in time or over time. Numerous examples illustrate the use of both methods.
Anonymous
(Associate Director, CFCC Assurance)
Great course on revenue recognitions, specifically covering the basics such as: how to determine approach, how to measure progress of performance and relevant restrictions.
Anonymous
(Analyst)
I really really appreciated that you included the slides I PDF format for us to reference! That was easier to read through than listening to the reading of the slides.
Dowton Martin
(Accounting and Finance Consultant at DLC Inc)
This course was very informative and increased my knowledge in recognizing revenue. The examples were very helpful and allowed for ease of understanding the concepts.
Anonymous
(Senior Internal Auditor)
This course was educational and very informative. The allotted time appeared sufficient. The instructor presentation of the course material was on point.
Anonymous
(Financial Analyst)
This course covered the basics of ASC606. It was well taught but could have made less confusing examples that were spread out over multiple slides.
Anonymous
(Consultant)
The examples in this one are good to show the overall thought process that we have to do for a single contract. More of this would be helpful.
Anonymous
(Consultant)
This is a hard topic, but the instructor did a great job of explaining them. She went over the examples clearly to reiterate the concept
Anonymous
()
There are so many interesting examples in the course, which are easy for us to grasp the concept here. Thanks for Mr. Lynn great works.
Anonymous
()
This was a very good course and I have taken all of the instructors other revenue recognition courses as well. I recommend them all.
Anonymous
()
Instructor gave great examples and summarized very well how to recognize revenue for goods/services satisfied over a period of time.
GARETT JOHNSON
(Sr. Revenue Accountant at Genoa healthcare)
Great examples. I would have liked to have more examples about Healthcare and explicit or non-explicit price concessions.
Anonymous
(Sr. Accountant)
This was another tough course, but the notes were very detailed and allowed me to learn the material in an easy way.
Anonymous
(Finance Analyst)
Concise explanation of the 5th step of revenue recognition. Well articulated and great diversity in examples.
Inna Shmukler
(Controller at Fornetix LLC)
Very informative and detailed. A good number of examples illustrating complicated aspects of the guidance.
Anonymous
(Finance and Accounting Consultant)
This course was well presented with specific examples that helped understand the underlying concepts.
Anonymous
(Accountant II)
What you would expect for a foundation level course. The questions proved to be a nice refresher.
Bridget Stonesifer
(Financial Analyst at Cisco)
I found the instructor to not be useful all the information you need to know is in the powerpoint
Anonymous
(-)
Examples were extremely complex, but otherwise rhis was an enjoyable and informative course.
Jay Bineau
( at Seigler & Tweedlie)
The course needed the criterion for measuring performance over time to be more specific
Anonymous
(Financial Analyst)
Instructor thoroughly provides examples which break down and explain rev rec standards
Anonymous
(Revenue Accountant)
Good course for a dry topic such as revenue accounting. Very helpful information.
Anonymous
(Self)
More good info and considerations to determining timing of recognition.
Chris Grimes
(Rules Master at Cisco)
Good discussion on recognizing revenue under the new revenue standard.
Sergiy Korytko
(Sr. Analyst at Chegg)
Good discussion on recognizing revenue under the new revenue standard.
Anonymous
(Controller)
Good overview of the steps required to recognize revenue under 606.
Anonymous
(NA)
Interesting topic which was explained well with excellent examples
Chris Hole
(Director of Internal Audit at Supreme Industries)
Decent overview of subject matter with concrete examples.
Anonymous
(Associate Director)
This course provided a good over of revenue recognition.
Anonymous
()
very easy to follow explanation of ASC 606 standards
Prerequisites
Course Complexity: Intermediate
No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the other courses in the series prior to completing this one.
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 .