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This course is the first in a series on the Topic 606 (ASC 606) revenue recognition standard.  The standard outlines five steps for proper compliance.  At the surface, these steps seem simplistic.  However, there are many considerations that should be considered within each step based on your process and industry. 

This course is designed to provide an overview of the technical guidance and outline the five steps involved in the revenue recognition model.  We also explore some concepts to consider within each step and then evaluate some challenges that specific industries may have when complying with the standard. 

On May 28, 2014, the Financial Accounting Standards Board (FASB) completed its Revenue Recognition project. It issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606).  The guidance establishes principles to report useful information to users of financial statements about the nature, timing, and uncertainty of revenue from contracts with customers. 

The standard affects all entities (public, private, and not-for-profit) that have contracts with customers.  Exclusions include:

  • Leases accounted for under FASB Accounting Standards Codification (ASC) 840, Leases;
  • Insurance contracts accounted for under FASB ASC 944, Financial Services—Insurance;
  • Most financial instruments, and guarantees (other than product or service warranties).

Transaction and industry specific revenue recognition guidance is eliminated. It is replaced with a principle based approach for determining revenue recognition. The new standard requires significantly more disclosure than previous generally accepted accounting principles (GAAP).

Learning Objectives

  • Identify the effective dates for the new revenue recognition standard.
  • Explore the need for the new revenue recognition standard.
  • Explore the new revenue recognition core principles and the five-step revenue model.
  • Identify the impact of the new revenue recognition standard on various revenue concepts.
  • Explore the impact of the revenue recognition standard on various industries.
Last updated/reviewed: November 13, 2019

Included In Certifications

This course is included in the following Certification Programs:

15 CoursesRevenue Recognition Certification

  1. Revenue Recognition Standard Overview
  2. Revenue Recognition: Identify The Contract Part 1
  3. Revenue Recognition: Identify The Contract Part 2
  4. Revenue Recognition: Performance Obligations Part 1
  5. Revenue Recognition: Performance Obligations Part 2
  6. Revenue Recognition: Transaction Price Part 1
  7. Revenue Recognition: Transaction Price Part 2
  8. Revenue Recognition: Allocating Transaction Price
  9. Revenue Recognition: Recognize Revenue
  10. Revenue Recognition: Scenarios For Identify The Contract
  11. Revenue Recognition: Scenarios For Performance Obligations
  12. Revenue Recognition: Scenarios For Transaction Price
  13. Revenue Recognition: Scenarios For Transaction Price And Recognize Revenue
  14. Revenue Recognition: Case Scenarios Part 1
  15. Revenue Recognition: Case Scenarios Part 2

147 Reviews (618 ratings)Reviews

5
Member's Profile
a bit difficult, great insight into revenue recognition. good course
5
Anonymous Author
This presenter is easy to follow and very effective (my second course with this instructor). She provides an excellent overview of the standard along with (as she is known for) practical examples. I appreciated the examples across different types of organizations and industries. She gives enough info. to equip you with a general understanding and respect for the complexities that organizations may have to navigate.
5
Member's Profile
The course very clearly outlines the new revenue guidance using examples and a breakdown of each step in the model. I liked how the course was organized and how the instructor covered specific industry impacts. The content will be helpful for accountants within an organization who may have to implement the new standard or consultants who provide guidance to clients that will be adopting it.
5
Member's Profile
ASC 606 is a very difficult standard to understand without properly going through the five critical steps to apply the standard to contracts with customers properly. Instructor did a tremendous job outlining and going into an overview of all 5 steps and the proper application of the steps to evaluating when and how much revenue to recognize.
4
Anonymous Author
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.
5
Anonymous Author
The company I work for provides various IT and management training course such as Project Managent and Cybersecurity. We have been offering various special packages for online, on-demand a bundle packages. This course gave me a good overwiew and I can explore how we account for the bundles.
5
Anonymous Author
This course was great! The instructor gave a very good background as to why revenue recognition standards are changing. She gave a great outline of the new 5 step approach for 606 and gave great examples at the end about how the new standards will affect different industries.
5
Member's Profile
Thank you Lynn Fountain! I've done two of your rev recon classes so far and this format has really improved my ability to understand the new rev rec standards more clearly. I've attended other CPEs on the subject, but got the best take-aways from your courses!
4
Member's Profile
I appreciate that this training does not assume that I work within public accounting. Much of the other CPE I've taken recently makes that assumption and I foresee this certificate program providing a better value. Lynn's delivery is very natural and engaging.
5
Anonymous Author
This course met the stated learning objectives. The examples used were helpful to understand the material presented. The industry impact section was also helpful as it presented things that people in various industries need to be thinking about.
5
Member's Profile
The presenter was very knowledgable. She provided the information in a fashion that made it easy to digest. The course was basic but it provided a good foundation to move on to more complicated aspects of ASC606 and specific industry impacts.
3
Member's Profile
Overall the course was good, but do not agree with the comment regarding the government contracting industry and it not following GAAP. I don't believe that to be true (more than a decade with government contractors) and a bit misleading.
5
Member's Profile
Very helpful overview for those who are already familiar with the topic. Might be a little challenging for people who are new to this standard as it is a very very complex topic and, obviously, cannot be covered in 1 -2 hours CPE course.
4
Member's Profile
This course provided a solid overall description of the revenue recognition framework and a good introduction to the steps (and challenges that accompany them). I also liked the section that went over the impact on certain industries.
5
Anonymous Author
This course was great. It was very informative and provided a great overview of revenue recognition under the new model. The dings of the instructor's phone were a little funny/distracting, but otherwise, it was a high quality class.
5
Member's Profile
Whoooo I scored 90% and that means Lynn did a great job once again in coaching me through this course. It is a difficult conceptual paradigm shift in Rev Rec and I am glad to have my head around it. Thank you Lynn. Great course.
5
Member's Profile
The new standards and the underlying concepts are a bit difficult to digest and more difficult to apply in real life situations. Our instructor has taken great efforts to simplify some of the complex concepts. Well done!!!!
5
Anonymous Author
The concepts are presented in a clear manner. Although there are many terms and acronyms, the subject matter is presented in plain English and at a good pace. The course is very thought provoking which is a good quality.
5
Anonymous Author
I enjoyed the instructor's conversational style of teaching. She was easy to listen to and helped me retain and comprehend the concepts well. The materials are great too--good reference for future when I implement.
5
Anonymous Author
This is an excellent course. It is my first Illumeo training course, and I feel it provided me with a great overview of the new standard. The presentation flows logically and smoothly. Highly recommend the trainer.
5
Member's Profile
I've taken many of Lynn's courses in the past. Her courses are well organized and presented well. I think her course material is excellent; especially for a consultant as myself. I highly recommend this class.
5
Member's Profile
This course was very informative and easy to follow. Lynn Fountain's lecture was very helpful, and she did a good job of explaining the material in an easy to learn manner, using plenty of real-world examples.
5
Member's Profile
Very useful overview of ASC606 that will hook you up. It opens the palette of impacts in several industries alerting you to dive deeper into its complexities and to follow the remainder courses on the subject.
5
Member's Profile
In the last few compnanie's I've worked with, I've been helping with the implementation of 606. This course has directly helped recap what the 5 step model is so I can remember it with the 606 implementation.
5
Anonymous Author
Very nicely explained. The instructor was very clear and used appropriate examples to explain the concepts. It was easy to understand and a joy to know what the ASC 606 is all about and why it is important.
5
Anonymous Author
I like teacher Ms Lynn very much. She is very nice and her voice is so acceptable,which make her courses are very easy to grasp! I feel very safe when she is accompanying me during the CPE studying process.
5
Member's Profile
Very informative and comprehensive. Was able to understand the concepts. Allows one to understand the theory behind the new ASC. The support docs. are very helpful as a review source going forward.
3
Anonymous Author
This course provided a good high level overview of the new revenue recognition standard. I am surprised how wonky this standard is, you practically need a lawyer to help you understand accounting.
5
Anonymous Author
The instructor provide excellent real life examples to make the content more interesting. She kept the course concise and easy to understand and went slowly through everything to avoid confusion.
5
Member's Profile
Liked the industry examples. Liked the way the course was laid out as well. Good job of explaining the effective dates for public and non-public as well as the requirements for the fives steps.
4
Anonymous Author
This course is a good overview of the new standard at a high level. A more detailed course would be required for specific application of the standard within an industry. Good place to start.
4
Anonymous Author
This provided good breakdown and comparison of the differences between the old requirements and new. The instructor was moving a lot- leaning in and out and I found it to be distracting.
5
Anonymous Author
I really like this instructor because she adds commentary outside of the slides which makes the lecture more relevant and interesting. Her presentation is well done and keeps one engaged.
5
Anonymous Author
The instructor did a great job providing a general outline of the new revenue recognition standards and why they were important to change from the old standards. Overall great course!
5
Member's Profile
well organized, easy to follow steps and understand, it provided a well organized foundation for the principles and made it easy to see areas that will require more in-depth analysis
5
Anonymous Author
Great course on the updated revenue recognition rules, applications and rationales for implementing. Course scope is narrow, but helpful for anyone interested in a high level intro.
4
Member's Profile
This is a good introduction to revenue recognition. Provides an overview to the five steps and compares impacts of the standard on industries most affected by the change.
5
Anonymous Author
Very insightful overview for those who are familiar with the topic. May be a little challenging for people who are new to this standard as it is a very very complex topic .
4
Anonymous Author
A good overview of the changes to revenue recognition. The examples were weak. I would like to hear examples that would actually be found across a variety of industries.
5
Member's Profile
Very well written and presented course. The pace to cover the materials was very good. I would recommend this course for a great overview of revenue recognition.
5
Member's Profile
The course is well structured and the instructor presented the material very professional. I have a good understanding of the whole concept. Enjoy it very much!
5
Anonymous Author
This course was spot on and the instructor was very effective in presenting the course materials. The time allotted to the learning activity was appropriate.
4
Anonymous Author
Very good overview of the introduction to ASC 606 requirements and description of the process steps and considerations required to implement this standard.
4
Member's Profile
Even though this was an overview it provided a lot of information and things to think about. It was hard to stay focus because the student was not engaged.
5
Member's Profile
BEST explanation of a complex issue. This course helps you determine what areas of impact will be and what areas you need to focus on for your insudtry!
5
Member's Profile
Very thorough course. I like being able to learn about the new revenue recognition standards over multiple courses and this one is a good introduction
4
Member's Profile
This is an excellent introduction course for ASC 606. The course provides a good background on the relevant factors that affect revenue recognition.
5
Member's Profile
Overview was very helpful and since it was two hours, went into greater detail than the one hour sessions do. Areas were clearly covered and concise.
5
Member's Profile
I really liked the Information on Healthcare as that is the industry I am in and would like more future CPE courses with examples in that industry.
5
Anonymous Author
I have read publications and watched videos on 606-10. I liked this course better as the instructor explained the guidance using simple examples.
4
Anonymous Author
The overview was very informative. The introduction to the standard and the five step model are well explained. The slides were a helpful guide.
5
Anonymous Author
Excellent course --very practical. Instructor clearly explained what the changes were with great examples and outlined the key areas to address.
5
Anonymous Author
I liked that this course broke down each of the five steps in the model even further and explained the complexities to consider with each step.
5
Member's Profile
I love Lynn Fountain's courses she does such a good job describing the topic in depth without being overwhelming and by keeping it interesting.
5
Anonymous Author
Very good representation of the overview of the new revenue standard. I would highly recommend this class to someone seeking a top lveel view.
5
Member's Profile
This course moved with a readonable pace through the foundations of the standard. Various examples helped to illustrate the considerations.
5
Anonymous Author
ASC 606 has been a big project for many of my consulting projects recently and all of this material is very relevant and helpful to revisit.
5
Anonymous Author
The presentation was concise and informative. Viewing the presenter in the corner with no variability in setting was getting monotonous.
4
Member's Profile
The class was very informative ...I liked the industry segment Impact review ...the class content was clear and concise and informative
5
Anonymous Author
This is a great course to give an introduction to the new revenue recognition standard and the complexity it creates to most companies.
5
Member's Profile
This was a good introduction to ASC606 - highly recommend it to those who need a high level introduction to the impact/considerations.
4
Anonymous Author
This course was simple to follow along with. Everything was relevant and can be used in every day work duties in Revenue Accounting.
5
Member's Profile
very informative course. I learned a lot and is a great overall course. the instructor used examples that were easy to understand.
5
Member's Profile
The course was well thought out and went through in a logical manner. The presenters was very good at explaining the key points.
5
Anonymous Author
Great overview of the new revenue recognition standard. I liked how it addressed the challenges certain industries will face.
5
Member's Profile
Great little course. I liked the pdf ovreview and the glossary. The industry tips were great too. Good high level material
4
Anonymous Author
The course gave a great overview as to the high level 5 step process under 606 and unique insight into particular industries
4
Member's Profile
Great overview to this multi-facetted accounting standard that may have significant implications for different industries.
3
Anonymous Author
Extremely tedious. Healthcare has been estimating proper revenue recognition for years through contractual allowances etc.
5
Member's Profile
The content of this course was very informative. It was very in dept and provide insights into the new revenue standard.
5
Member's Profile
Good overview of the new revenue recognition standard. The examples she gave made the material easier to understand.
5
Member's Profile
Course material provided step by step how to deal with the new Revenue Recognition Standards in a concise manner.
5
Member's Profile
Very easy to understand and follow along. Slides make it easier to remember the discussion and basic principles.
5
Anonymous Author
Course fully met my expectations. I like Ms Fountain's courses as she is a good instructor and a consistent one,
5
Anonymous Author
This course was a helpful overview of 606 and gave considerations for the impacts to various industries.
4
Member's Profile
This was a good course, I was not overly familiar with the new recognition and this provided a good overview.
5
Anonymous Author
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5
Member's Profile
The slides for the course are well organized and covered the revenue recognition standard very in detail.
5
Member's Profile
A very important course considering the new standard went into effect recently for non-public companies.
5
Member's Profile
This course was easy to follow and provided a good overview of the new revenue recognition standards.
5
Anonymous Author
This course provides a nice overview of the the Revenue Recognition standard. Would highly recommend.
5
Member's Profile
Very easy to follow providing a good understanding of the impact of the new revenue recognition rules
5
Anonymous Author
This course was concise and on point. I feel as though I have a good overview of 606 now. Thank you!
5
Anonymous Author
The instructor did a good job of introducing this complex subject. The slides are a good reference.
5
Member's Profile
Overview of Complying with the ASC 606 Revenue Recognition Standard.
5
Anonymous Author
Surprising how much information in here was still new-ish. Especially the breakdown of the 5 parts
5
Anonymous Author
Good overview of the topic. Covers a lot of relevant topics and the impact on specific industries.
5
Member's Profile
I really enjoyed this segment, and am anxious to enroll in additional segments within this topic.
4
Member's Profile
Good overall baseline for the new revenue recognition standard. Industry-specific examples help.
5
Anonymous Author
I must type as long as possible to get to 50 characters. This is the worse part of the course.
5
Anonymous Author
this course was great and helped better my understanding of the new revenue recognition rules
4
Member's Profile
instructor was just ok, not great. A bit mono-tone and not enough tangible, quality examples.
5
Anonymous Author
I like that the course is broken into discrete topics that I can complete at different times.
5
Member's Profile
This was a very nice refresh about the ASC 606 standard. Easy to consume and understand.
5
Member's Profile
This lesson is a good course to get someone up to speed on the key aspects of ASC 606.
5
Member's Profile
Great course! Very long and informative and drawn out video! The PDF's helped a lot too.
5
Anonymous Author
Very clear overview of 606. Looking forward to diving into the details in other videos.
4
Anonymous Author
This was a very helpful overview of the standard, its requirements and its impacts.
5
Member's Profile
Good overview, interesting to see the impacts on different industries at a high level
4
Member's Profile
Gives detailed standard of revenue recognition. You need more time to study this area
4
Member's Profile
Very technical and informative. Really appreciated the industry insights at the end.
5
Anonymous Author
Clear and concise. I liked the slides and was able to follow along very easily.
4
Anonymous Author
This is a great overview to the new revenue standard. This makes things simpler.
5
Member's Profile
One of the better courses I have taken on the new revenue recognition standards.
4
Anonymous Author
Excellent summary course on ASC 606 topics even if you have no prior knowledge.
5
Anonymous Author
This course provides a clear layout and summary of the new rev rec standards.
5
Anonymous Author
Great overview for non-revenue staff and introduction to new revenue standard
4
Anonymous Author
A very good overview of the main components of the revenue recognition process
4
Member's Profile
Good overview of the standard and the various industry impact considerations.
4
Member's Profile
very thorough. Everyone should get this course, from internal audit to CFO's
4
Member's Profile
The course is informative to quickly review the revenue recognition standard.
5
Anonymous Author
Very knowledgeable instructor. Appropriate content and effective delivery.
3
Member's Profile
I enjoyed this course and did learn a few new things. this is recommended.
5
Member's Profile
Excellent introduction to this topic. There were good examples throughout.
5
Anonymous Author
The slides provided were very detailed and will be a great reference tool.
5
Anonymous Author
the slides were clear and I like the steps to follow. Helpful information.
5
Anonymous Author
Great refresher course on ASC 606. Helpful to understand the 5 step model.
4
Anonymous Author
Great Overview of the new standard that will help me in my current roles.
5
Anonymous Author
excellent course- Great and knowledgeable presenter- Also very good pace
4
Anonymous Author
This class was very informative and provided a good overview of the reg.
5
Member's Profile
Great class and great instructor! I’ve learned the overview of ASC 606
4
Anonymous Author
Trainer was mostly reading from slides, didn't offer multiple examples.
3
Anonymous Author
An overview of the main components of the revenue recognition process.
4
Anonymous Author
very clear overview of the new standards - good base to learning more
5
Member's Profile
good and relatively technical knowledge required. must be attentive.
5
Member's Profile
Informative and just the right level of detail. Strongly recommend.
5
Member's Profile
Favorite instructor - I've learned everything about 606 from her.
5
Anonymous Author
Great. Clear breakdown and industry - relevant details provided.
5
Member's Profile
Very good course for overview of revenue recognition standard.
5
Anonymous Author
Important to know for 2018. Covers the topic in simple terms.
5
Anonymous Author
The course covers the essentials for revenue recognition 606.
5
Member's Profile
The speaker has provided very nice explanation with examples.
5
Anonymous Author
I enjoyed the course, and I thought it was very informative.
5
Member's Profile
Great teacher, 100% on the first try. Thoroughly explained.
5
Member's Profile
Very good overview of the new revenue recognition standard.
4
Member's Profile
Crisp and easy to follow. Concised notes and very relevant.
5
Anonymous Author
Excellent guidance on revenue recognition for accountants.
5
Member's Profile
Great summary and overview of the new revenue standard.
5
Anonymous Author
The examples are great. Easy to understand information
4
Member's Profile
Good- can have more examples and can be more engaging
4
Member's Profile
Very informative overview of the new Revenue Standard.
5
Member's Profile
I enjoyed this course. I found it easy to understand.
4
Member's Profile
Informative, with good examples of concepts provided.
5
Anonymous Author
Her courses are always clear with helpful powerpoints
5
Member's Profile
Good overview to get us started on the right track
3
Member's Profile
Good summary of the standard with industry examples
5
Member's Profile
Great course. Very good slides, clear and concise.

Prerequisites

Course Complexity: Foundational

No Advanced Preparation or Prerequisites are needed 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 .
Course Syllabus
INTRODUCTION AND OVERVIEW
  4:27Introduction to Complying with the Revenue Recognition Standard
Revenue Recognition Standard
  3:13Effective Dates
  4:35The Need
  3:07Core Principle
  7:18Five Step Model
  4:31Impact
  12:04Identify the Contract
  14:27Performance Obligations
  13:28Transaction Price
  6:57Key Areas to Address
CONCLUSION
  14:43Industry Impact
CONTINUOUS PLAY
  1:28:48Complying with the Revenue Recognition Standard
SUPPORTING MATERIALS
  PDFSlides: Complying with the Revenue Recognition Standard
  PDFComplying with the Revenue Recognition Standard Glossary/Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM