This course provides an overview of the first step in the revenue recognition process - the identification of a contract with a customer. This includes a discussion of key definitions and considerations along with the detailed accounting guidance from ASC Topic 606. This course incorporates excerpts from the FASB’s basis for conclusions of the new revenue recognition standard as well as key excerpts from Big 4 revenue recognition guides in order to develop a comprehensive understanding of this step in the process.

Learning Objectives
  • Discover and list the five steps involved in the new revenue recognition model.
  • Recognize the overall considerations involved in identifying whether a contract exists.
  • Identify how collectability is assessed to determine whether a contract exists.
Last updated/reviewed: March 5, 2024
13 Reviews (47 ratings)

Reviews

4
Anonymous Author
I enjoyed the course and found the review helpful. The take-away document will be good for future reference and refresher as well.
5
Anonymous Author
Interesting course on contracts and the different accounting methods and considerations one must take when assessing the contracts.
4
Anonymous Author
This is a decent course. There is a better live session course available as well. The time to complete took well over an hour
5
Anonymous Author
The text is an excellent reference material. This is a nice change from streaming a course. Thank you.
4
Anonymous Author
I learn how to recognize the overall considerations involved in identifying whether a contract exists.
4
Anonymous Author
This is a decent course. There is a better live session course available as well.
5
Anonymous Author
This course was easily understood. It was a good overview of the process.
5
Member's Profile
Great course! I learned a lot and will recommend it to my colleagues.
5
Anonymous Author
Good content, interesting & I was able to apply it to my organization.
5
Anonymous Author
Good in depth review of contract assessment within Rev Rec guidance.
5
Anonymous Author
Easy course to follow. It was a nice, quick refresher on the topic.
5
Member's Profile
Interesting topic, complicated. Good overview of the subject.
5
Anonymous Author
The material is well structured with clear explanation.
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Prerequisites
Course Complexity: Foundational

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 .
Instructor for this course
  Course Overview CPE
Course Syllabus
COURSE MATERIAL
  Revenue Recognition - Contract Assessment (Text Based Course)PDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam