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Revenue Recognition (ASC Topic 606): Overview 2 Credits

Feb 07, 2024, 12:30 PM ET

Revenue Recognition (ASC Topic 606): Overview 2 Credits

  • Rating

    4.6
  • Reviewed on

    February, 2024
  • Subject Area

    Accounting

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Feb 07, 2024, 12:30 PM ET

Learning Objective

  • To identify the effective dates for the new standard.
  • To explore the need for the new standard.
  • 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.

Course Overview

On May 28, 2014, the FASB completed its Revenue Recognition project. It issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606). The guidance establishes principles to report useful information to users of financial statements about the nature, timing, and uncertainty of revenue from contracts with customers.

The standard affects all entities (public, private, and not-for-profit) that have contracts with customers.  Exclusions include:

  • Leases accounted for under FASB ASC 840, Leases; 
  • Insurance contracts accounted for under FASB ASC 944, Financial Services—Insurance; 
  • Most financial instruments and guarantees (other than product or service warranties).

Transaction and industry-specific revenue recognition guidance are eliminated. It is replaced with a principle-based approach for determining revenue recognition. The new standard requires significantly more disclosure than the previous GAAP.

This online CPE Accounting webinar is the beginning of a series on the new revenue recognition standard. The standard outlines five steps for proper compliance. On the surface, these steps seem simplistic.  However, many considerations should be considered within each step based on your process and industry.

This CPE course is designed to provide an overview of the technical guidance and outline the five steps involved in the revenue recognition model. We also explore some concepts to consider within each step and then evaluate some challenges that specific industries may have when complying with the standard. Future courses will further delve into each step and provide examples and scenarios that should be considered to properly apply the step.

Major topics included: 

  • The effective dates for the new standard
  • The need for the new standard
  • The new revenue recognition core principles and the five-step revenue model
  • The impact of the new standard on various revenue concepts
  • The impact of the standard on various industries

Here are links to your interest: Approved CPE courses on GAAP |  Certificate Course on Financial Reporting Analysis

Have a look at the Revenue  Recognition Certificate Course, which we have on our website authored by Lynn Fountain.

Explore CPA CPE Courses with MY-CPE. Our online offerings make it easy for you to fulfill your CPA CPE requirements. With a broad selection of topics taught by experienced professionals, you can enjoy flexible scheduling and self-paced learning. Say goodbye to traditional methods and begin your path to professional growth with us today!

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Additional Information

Credits

2

Course Level

Basic

Instructional Method

QAS Self Study
Group Internet Based

Pre-requisites

None

Advance Preparation

None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.

About Instructor

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

Owner, Lynn Fountain Consulting and Training

  • 4.5
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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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Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

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We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars approved by NASBA and other regulatory bodies?

Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.

What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

How can I access my webinar completion certificates?

After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Ratings and Review

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AB

Anantharamakrishnan Balakrishnan, EA

Revenue Recognition is an important accounting standard. Revenue Recognition procedure has to be followed as per the standards by all the industries based on the 5 step model. This module explains the technical knowledge of the subject matter and also with few industry examples which are easy to understand and also the handouts are useful for future references.

BC

Bryan Cheney, CPA (US)

Lynn does a great job of explaining the various points of ASC 606 so they are understandable and relatable to the prior revenue recognition standard.

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