Revenue Recognition (ASC Topic 606): Overview 2 Credits
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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:
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. Â 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:Â
Here are links to your interest: Approved CPE courses on GAAP |Â 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.
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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.
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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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.
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.
AB
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
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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