Revenue Recognition: Practical Guide (6.5 hrs)

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Course Description

Revenue Recognition: Practical Guide

In 2014, after years of deliberations, the Financial Accounting Standards Board (the FASB) and the International Accounting Standards Board (the IASB) jointly issued the Accounting Standard Update (ASU) No. 2014-09 (codified primarily in ASC 606) and IFRS 15, respectively. ASC 606 replaces virtually all (including industry-specific) U.S. GAAP revenue guidance with a single model. The standard does not just change the amounts and timing of revenue but potentially affects organizations’ financial statements, business processes, and internal control over financial reporting. The standard also affects other related accounting topics such as contract modification, rights of return, licensing, principal-versus-agent considerations, and income tax. Moreover, the standard creates new and expanded disclosure requirements.

This course reorganizes the guidance contained in ASC 606, to follow the five-step revenue recognition model along with other guidance impacted by this standard. It also provides examples to illustrate the application. The course is designed to help you navigate the complexities of this standard and identify the implications of it. It provides a working knowledge of the fundamentals of the revenue standard that can be applied, regardless of the company size, in the real world.

Course information

Price: $63

Course No. 7012
Format: Online pdf (139 pages).
Instructional Delivery Method: QAS Self-Study
Prerequisites: General Accounting
Advance Preparation: None
Level: Overview
CPE Credit: 6.5 hrs.
Field of Study: Accounting
Course expiration:  You have one year from date of purchase to complete the course.
Course Revision Date: June 2023


After completing this course, participants should be able to:

  1. Recognize the improvements over the revenue accounting through the release of ASC 606
  2. Cite the key changes of the revenue recognition practice compared to legacy GAAP
  3. Recognize the impact of the revenue standard on the organizations
  4. Identify the applicability of the revenue standard
  5. Recognize the steps involved in implementing the new revenue guidelines
  6. Identify the presentation and disclosure requirements
  7. Recognize the requirements for other revenue topics (e.g., warranties, principal-versus agent, licensing)
  8. Recognize the indicators for potential misstated revenue recognition
  9. Identify control activities that reduce the risk of misstatement in revenue

Ratings and Reviews

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John Payne
Posted 4 years ago
Very good explanation of the new revenue recognition guidelines

This course was very good in explaining the changes between ASC 606 and ASC 605, and IFRS.

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