Revenue Recognition – Case Studies for the 5 Step - Part 1

Entities applying the new Accounting Standards Codification (ASC) Topic 606: Revenue from Contracts with Customers must follow five steps to revenue recognition:

• Identify the contract with the customer

• Identify performance obligations

• Determine transaction price

• Allocate the transaction price to performance obligations

• Recognize revenue when each performance obligation is satisfied

This course briefly outlines each of the five steps, like Identify the Contract, Performance Obligations, Determine the Transaction Price, Allocate the Transaction Price and Recognize Revenue, and then works through various exercises and scenarios covering each of the steps.  The course utilizes many examples from numerous industries to enhance the learning of the various concepts.

This course is brought to you by Illumeo. Illumeo, incorporated in 2009, is revolutionizing the hide-bound world of corporate learning. Illumeo works with corporate professionals and organizations of all sizes to build the skills and capabilities that help everyone be an expert at their job. Based in Silicon Valley, CA, Illumeo serves thousands of corporations and corporate professionals across Finance, Accounting, Human Resources, Sales, and Marketing. The platform offers assessments, industry-benchmarked competency analyses, hundreds of expert-developed courses, collaborative tools, and the ability for companies to self-publish internal courses that promote institutional knowledge retention and dissemination. Illumeo is the place for expertise management and we are dedicated to the proposition that everyone can be an expert at their job.