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Revenue Recognition: Mastering the New FASB Requirements (ASC 606)

4.8

Master new FASB Revenue Recognition requirements

Be equipped with a basic understanding of revenue recognition in the accounting
Recognize step-by-step decision-making processes for revenue recognition
Master the ideas with practical examples
Reexamine understanding of dealing with special situations

Subscribe to Enroll View Sample Certificate

Key Highlights

Master the new FASB requirements with advanced certification.

Continuing Education approved courses for Multiple Qualifications

On-Demand Courses

Individual Certificates for each Module

Courses authored by Subject Matter Experts

Shareable Certificate on LinkedIn

What You’ll learn

With the new Revenue recognition standard’s implementation, it is required for businesses to evaluate their process to align with the new five-step model requirements. This certification utilizes a practical approach to facilitating the learning experience that allows professionals to adopt the new standards easily. It is attractive for all entities that deal in contracts with customers and professionals who desire to master revenue recognition.

Get Deeper Understanding of:

The five-step process of Revenue Recognition
Key components of each step of Revenue Recognition.
Critical approaches required to master Revenue recognition with practical examples.
Special scenarios and how it affected revenue recognition

Recommended For:

CPAs, CMAs, CFA, CVA, Accounts, and financial professionals who want to learn the new revenue recognition standard and its efficient implementation.
Professionals, business managers, and principals who desire to manage the requirements of the new Revenue Recognition standard.
Professionals and students who desire to master the new five-step revenue recognition standard process.

Why take a Revenue Recognition: Mastering the New FASB Requirements course with myCPE?

Resources included

Handout PDFs for every Module
Glossary/Key Terms for every modul
Q&A directly with instructors.

Career Opportunities

Senior Revenue Accounting Analyst
Accounting Manager Reven
Senior Revenue Accountant
Director, Revenue Accounting & Operations
Revenue Recognition Analyst
Revenue Accounting Specialist

Value Addition to your skills

Analytical skills
Attention to detail
Critical thinking skills
Problem-solving and decision-making skills
Project Management skills
Planning and Organizational skills

Module

Module Name

Duration

Revenue Recognition (ASC Topic 606): Overview

2 Hours

To discuss the new revenue recognition core principles and the five-step revenue model.
To identify the impact of the new standard on various revenue concepts.
To analyze the impact of the standard on various industries.

Instructor

Lynn Fountain

Lynn Fountain

Owner , Lynn Fountain Consulting and Training

ASC 606 Identifying the Contract - Part 1

1.5 Hours

To explore various criteria in the step “Identify the Contract” including - Approval/commitment of parties, Identification of rights of parties, Payment terms can be identified, The contract has commercial substance, and Collection is probable.
To identify when a contract modification requires a new contract or can be combined with the original contract.
To discuss the accounting for contract and non-contract modifications.

Instructor

Lynn Fountain

Lynn Fountain

Owner , Lynn Fountain Consulting and Training

ASC 606 Identifying the Contract - Part 2

1.5 Hours

To explore the concept of revenue recognition related to performance obligations that may involve components such as Options to purchase additional goods/services, identifying material rights of additional goods/services, and shipping and handling charges of goods/services.
To identify and examine factors impacting performance obligations including Principal vs. agent status, Warranties, Options for additional goods and services, Non-refundable up-front fees, Stand-ready obligations, and Rights of returns.
To analyze examples from various industries to illustrate the considerations that must be evaluated in line with both identifying performance obligations and allocating the transaction price appropriately.

Instructor

Lynn Fountain

Lynn Fountain

Owner , Lynn Fountain Consulting and Training

ASC 606 Identifying Performance Obligations - Part 1

1.5 Hours

To identify the differentiation between distinct and non-distinct goods/ services.
To analyze how to measure progress over time and recognize revenue over time
To explore the processes used for intellectual property.

Instructor

Lynn Fountain

Lynn Fountain

Owner , Lynn Fountain Consulting and Training

ASC 606 Identifying Performance Obligations - Part 2

2 Hours

To explore the concept of revenue recognition related to performance obligations that may involve components such as Options to purchase additional goods/services, identifying material rights of additional goods/services, and shipping and handling charges of goods/services.
To identify and examine factors impacting performance obligations including Principal vs. agent status, Warranties, Options for additional goods and services, Non-refundable up-front fees, Stand-ready obligations, and Rights of returns.
To analyze examples from various industries to illustrate the considerations that must be evaluated in line with both identifying performance obligations and allocating the transaction price appropriately.

Instructor

Lynn Fountain

Lynn Fountain

Owner , Lynn Fountain Consulting and Training

ASC 606 Determining the Transaction Price - Part 1

1.5 Hours

To discuss the concepts that contribute to the transaction price and considerations when evaluating transaction price.
To explore the concepts of variable consideration, variability constraints, and what constitutes implied variability.
To identify methods to determine variable consideration.

Instructor

Lynn Fountain

Lynn Fountain

Owner , Lynn Fountain Consulting and Training

ASC 606 Determining the Transaction Price - Part 2

1.5 Hours

To analyze how provisions that include a significant financing component impact transaction price and explore some examples of significant financing components.
To discuss how consideration payable to a customer impacts transaction price and explore examples of consideration payable to a customer.
To examine how sales-based or usage royalties impact transaction price and discuss some examples of sales-based and usage warranties.

Instructor

Lynn Fountain

Lynn Fountain

Owner , Lynn Fountain Consulting and Training

Revenue Recognition (ASC Topic 606): Allocate the Transaction Price to Performance Obligations

2 Hours

To analyze step four of the revenue recognition model: Allocate the Transaction Price.
To explore the adjusted market assessment estimation approach, the expected cost-plus margin approach, the residual estimation approach, and examples thereof.
To inspect allocating discounts and discuss the variances between ASC 605 and 606.

Instructor

Lynn Fountain

Lynn Fountain

Owner , Lynn Fountain Consulting and Training

Revenue Recognition (ASC Topic 606): Recognize Revenue

1.5 Hours

To identify criteria – simultaneous receipt and consumption, creation or enhancement of an asset controlled by the customer, and to recognize revenue over some time alternative use asset.
To examine how to manage revenue satisfied at a point in time and the progress of performance obligations and properly recognize revenue.
To identify restrictions and principles for measuring progress.

Instructor

Lynn Fountain

Lynn Fountain

Owner , Lynn Fountain Consulting and Training

Revenue Recognition (ASC Topic 606): Case Study Scenarios for Identifying the Contract

1.5 Hours

To explore scenarios for identifying the contract, contract existence, and modifications.
To discuss the scenarios for unpriced change orders, and contract combinations
To identify scenarios for modifications by applying the cumulate catch-up method.

Instructor

Lynn Fountain

Lynn Fountain

Owner , Lynn Fountain Consulting and Training

Revenue Recognition (ASC Topic 606): Case Scenarios For Performance Obligations

2 Hours

To explore requirements behind step two of the revenue recognition standard “performance obligations”.
To identify differentiation between distinct and non-distinct goods/services with examples.
To identify performance obligations for multiple scenarios like Distinct goods/services, Non-distinct goods/services, Intellectual property, and Bundled goods/services.

Instructor

Lynn Fountain

Lynn Fountain

Owner , Lynn Fountain Consulting and Training

Revenue Recognition (ASC Topic 606): Case Scenarios For Transaction Price

2 Hours

To identify considerations when evaluating transaction price.
To explore the concepts of variable considerations, methods to determine variable consideration, and identify what constitutes implied variability.
To evaluate significant financing components, non-cash considerations, price concessions, and volume discounts.

Instructor

Lynn Fountain

Lynn Fountain

Owner , Lynn Fountain Consulting and Training

Revenue Recognition (ASC Topic 606): Case Scenarios for Allocating the Transaction Price and Recognize the Revenue

2 Hours

To explore important components such as various estimation approaches for determining SSP outlined by the standard, allocation of discounts between performance obligations, and concepts of variable considerations.
To examine methods for measuring progress towards completion of a project including input method and output method.
To discuss the concepts of enforceable right of payments and components necessary when a right of return exists.

Instructor

Lynn Fountain

Lynn Fountain

Owner , Lynn Fountain Consulting and Training

ASC 606 Application in Complex Business Situations - Part 1

2.5 Hours

To explore all five steps of revenue recognition in detail
To discuss exercises for all the five steps of revenue recognition

Instructor

Lynn Fountain

Lynn Fountain

Owner , Lynn Fountain Consulting and Training

ASC 606 Application in Complex Business Situations - Part 2

2.5 Hours

To explore all five steps of revenue recognition in detail
To discuss exercises for all the five steps of revenue recognition

Instructor

Lynn Fountain

Lynn Fountain

Owner , Lynn Fountain Consulting and Training

Revenue Recognition (ASC Topic 606): Disclosure Requirements

1.5 Hours

To explore the need for robust disclosure requirements with reference to components of contract balances, components of performance obligations, components of significant judgments, and components of the transaction price.
To examine assets recognized from costs to obtain or fulfill a contract that must be disclosed.
To discuss components that must be reported in interim reporting.

Instructor

Lynn Fountain

Lynn Fountain

Owner , Lynn Fountain Consulting and Training

Revenue Recognition: Principles, Changes, and Practices

2 Hours

To review the changes to the revenue recognition process and basic principles of revenue recognition for software and technology and companies that deal in this industry.
To discuss the five-step process of revenue recognition using software and technology as an example.
To analyze the practices involving revenue recognition and accounting for costs of computer software.

Instructor

Lynn Fountain

Lynn Fountain

Owner , Lynn Fountain Consulting and Training

Revenue Recognition: Non-Software Deliverables, Vendor-Hosted Software, and Fee Impact

1.5 Hours

To explain how to account for non-software deliverables in an arrangement containing more-than-incidental software.
To review the applicability of the guidance when licensed software is hosted by the vendor.
To analyze how up-front fees impact revenue recognition, inspect how future discounts impact revenue recognition.

Instructor

Lynn Fountain

Lynn Fountain

Owner , Lynn Fountain Consulting and Training

Instructors

Advance Your Career with Lynn Fountain's CE/CPE/CPD Webinars

Lynn Fountain

Owner, Lynn Fountain Consulting and Training

Lynn Fountain has over 39 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Lynn has held two Chief Audit Executive (CAE) positions for international companies. In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees. The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.

Ms. Fountain is currently engaged in her own consulting and training practice. She has successfully executed on several consulting assignments spanning areas of accounting, risk, ERM and internal audit. She is a highly sought-after trainer and international speaker and has produced hundreds of courses delivered through seminars, conferences and on-demand training. She is the author of three separate technical books.

Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”.
Leading the Internal Audit Function
Ethics and the Internal Auditor’s Dilemma

Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.

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Testimonials

Miles C. Jordon, CMA

This is a great course. It had good content and set clear explanations. I enjoyed it.

James P. Basham CPA

This course went beyond my expectations! The examples are well structured and it really made the learning experience great.

Dennis A. Houseman,CPA

Loving the certificate course. I have got some very useful pointers to manage the situations I usually get in. Good notes and detailed examples made the course shine.

Disclaimer

Certificate awarded upon the successful completion of the myCPE Advanced Certification Program is proof that user has successfully undergone the training and passed the quiz. This certificate marks completion of the said courses and learning activities and completion of the review quiz to earn continuing educational credits for specific qualification mentioned. This advance certificate program is not approved by any educational institution, training institute or regulatory body.

Ratings and Review

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MD

Max Davis,, CPA (US)

Good Learnings

Frequently Asked Questions

The “Revenue Recognition: Mastering the new FASB Requirements (ASC 606)” course covers a vast variety of topics to help you master the new FASB requirements. It provides an overview of Revenue Recognition ASC 606 and discusses principles and five-step revenue model. It shares the impact of the new standard on various concepts related to revenue recognition across various industries. It also covers identifying contracts, performance obligations, and transaction prices with examples. It covers various case scenarios to help provide a hands-on experience. It covers disclosure requirements, COVID implications, and the role of software and technology that influences revenue recognition.

Covering the vast area of topics to understand ASC 606, the “Revenue Recognition: Mastering the new FASB Requirements (ASC 606)” course provides examples and an understanding of various parts of its implementation. It provides a key understanding of the five-step model and case scenarios to implement the application of the new FASB requirements of ASC 606. It provides you an opportunity to successfully implement ASC 606 with disclosure requirements, special implications like COVID, and the role of software and technology. Thus, the “Revenue Recognition: Mastering the new FASB Requirements (ASC 606)” certification provides a good opportunity to master the FASB requirements of Revenue Recognition as per ASC 606.

Certificate course is created by a qualified and experienced instructor(s). myCPE Certificate Courses includes Self-study Courses. Most of the courses are in the form of On-demand Videos. The Self-study Video courses in Certificate courses may be Live recorded presentations converted into Self Study (On-Demand Videos).

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