This course combines an in-depth overview of revenue recognition principles under ASC 606 with a comprehensive guide to lease accounting standards under ASC 842. It covers the five-step model for recognizing revenue, including contract identification, transaction price measurement, and allocation to performance obligations. Additionally, it provides insights into lease identification, classification, initial and subsequent measurement, and the presentation and disclosure requirements for leases. Together, these topics equip financial professionals with the knowledge needed to navigate two critical areas of U.S. GAAP.

Chapter 1: Revenue Recognition - Overview

This chapter provides an overview of the revenue recognition principles under ASC 606. It focuses specifically on the five-step model for recognizing revenue, including identifying contracts, measuring transaction prices, and allocating those prices to performance obligations.

Chapter 2: Lease Transactions - Overview

This chapter offers a concise overview of ASC 842 lease accounting standards, covering how to identify and classify leases. It also reviews the initial and subsequent measurement, as well as the presentation and disclosure requirements for leases.

Learning Objectives
  • Identify and list the five steps involved in the 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.
  • Discover and determine whether an arrangement contains a lease as well as how to classify that lease.
  • Recognize the recognition and measurement requirements for both lessees and lessorsv
  • Identify the classification criteria for sales-type, direct financing, and operating leases.
  • Identify the overall requirements for lease modifications.
  • Recognize the criteria used for sale and leaseback transactions.
  • Identify the presentation requirements for both lessees and lessors.
Last updated/reviewed: March 13, 2025
22 Reviews (115 ratings)

Reviews

5
Anonymous Author
This was a great course that provided overviews to two very relevant topics (revenue and leases). I found the text easy to follow and I liked that for each topic, all of the steps were clearly outlined.
4
Anonymous Author
Good overview of the principles revenue recognition and leasing. Material will come in handy when evaluating contracts and when revenue is recognized.
5
Anonymous Author
Good overview of the principles revenue recognition and leasing. Material will come in handy when evaluating contracts and when revenue is recognized.
5
Anonymous Author
Thorough and detailed course on Revenue Recognition, if you do not work closely with this material this will be a challenge.
5
Anonymous Author
The new lease guidance is really helpful. The revenue section is covered in another course, but I enjoyed the review.
5
Anonymous Author
While this is text based, I would have liked to see a follow-up recording to highlight the really important stuff.
5
Anonymous Author
Great text-based course - material is well laid-out and concepts are clearly defined and explained.
5
Member's Profile
Very helpful and thorough summary of these two major GAAP changes. Thanks for summarizing that!
5
Anonymous Author
this course was really well written. The material was well organized and easy to follow.
5
Anonymous Author
Class covered revenue recognition and leasing in depth. Detailed information provided.
4
Anonymous Author
Enjoyed having the text based course. Super helpful to reference during the final exam
4
Anonymous Author
Key Principles of Revenue Recognition and Leasing (Text Based Course) - great course
5
Anonymous Author
The material is well organized with clear explanation and terms quoted from FASB.
5
Anonymous Author
Strong course. Great for reviewing and updating your knowledge of these topics
5
Anonymous Author
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5
Anonymous Author
Good combination of 606 and new leasing rules. provided good overview.
5
Member's Profile
Great refresher course on ASC 606, very happy I took this course.
5
Member's Profile
Extensive material with a great outline and pertinent examples
3
Anonymous Author
Clear, concise, and practical revenue and lease guidance
5
Anonymous Author
I enjoyed this course, and I found it very informative.
5
Anonymous Author
Good overview of ASC 606 and 842. In depth examples.
5
Member's Profile
Nice review of the key principles of ASC 606 and 842
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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 .
Instructor for this course
  Course Overview CPE
Course Syllabus
COURSE MATERIAL
  Revenue Recognition & Leasing - Essential Concepts for Financial Professionals (Text Based Course)PDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam