MYCPE ONE

Revenue Recognition (ASC Topic 606): Recognize Revenue 1.5 Credits 1 Credit

Feb 19, 2024, 04:00 PM EDT

Revenue Recognition (ASC Topic 606): Recognize Revenue 1.5 Credits 1 Credit

  • Lynn Fountain

    | CPA (US), CGMA, CRMA, cPIA, MBA

  • Rating

    4.5

  • Reviewed on

    February, 2025

  • Subject Area

    Accounting

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Feb 19, 2024, 04:00 PM EDT

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AI Review Summary

Generated by AI based on all course reviews

Learning Objectives

  • To analyze step five: Recognize Revenue.
  • To explain how to recognize revenue satisfied over some time.
  • To identify criterion – 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 explore an alternative use asset example.
  • To analyze how to recognize revenue over some time.
  • To examine how to manage revenue satisfied at a point in time.
  • To analyze how to measure the progress of performance obligations and properly recognize revenue.
  • To identify restrictions and principles for measuring progress.

Course Overview

The new revenue recognition 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.  

Previous CPE courses in this series have covered the standard at a high level and evaluated steps one and two of the standard. They are:

  • Understanding the Revenue Recognition Standard
  • Revenue Recognition: Considerations for Identify the Contract - Part One and Part Two
  • Revenue Recognition: Considerations for Performance Obligations – Part One and Part Two
  • Revenue Recognition: Considerations for Transaction Price – Part One and Part Two
  • Revenue Recognition: Allocate Transaction Price to Performance Obligations

This CPE Accounting webinar is designed to evaluate Step Five of the new model dealing with recognizing revenue which is the final step in applying the new revenue recognition standard. 

For performance obligations that are fulfilled at a point in time, revenue is recognized at the fulfillment of the performance obligation. For performance obligations satisfied over time, an entity must decide how to appropriately measure the progress and completion of the performance obligation. A performance obligation is satisfied when or as control of the good or service is transferred to the customer. 

There are several issues companies should consider in applying step 5 of the standard:

  • Determining if a Performance Obligation is satisfied over time
  • Identifying indicators of transfer of control of goods/services
  • Utilizing input and output methods to measure the progress of revenue recognition
  • Understanding stand-ready obligations and how to apply discounts.

Within this online CPE course speaker, Lynn Fountain we will cover all the aspects of recognizing revenue. 

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

On Demand Credits for All Qualifications

Live Webinar Credits for All Qualifications

License details Credits Status
Accounting for Certified Public Accountants (CPA-US) 1.5 CPE Approved
Financial Accounting for Certified Internal Auditors (CIA) 1.5 CPE Eligible
Accounting for Certified Fraud Examiner (CFE) 1.5 CPE Eligible
Financial Reporting for Certified Management Accountants (CMA) 1.5 CPE Eligible
Financial accounting for Certified Valuation Analyst (CVA) 1.5 CPE Eligible
Financial Reporting for Certified Financial Forensics (CFF) 1.5 CPD Eligible
Accounting for Chartered Financial Analyst (CFA) 1.5 PL Eligible
Accounting for Certified Government Financial Manager (CGFM) 1.5 CPE Eligible
Accounting for Delaware Licensed Public Accountant (DE-LPA) 1.5 CPE Approved
Accounting for Internal Audit Practitioner (IAP) 1.5 CPE Eligible
Financial accounting concepts for Certified FP&A Professional (FP&A) 1.5 CE Eligible
Accounting for Qualification in Internal Audit Leadership (QIAL) 1.5 CPE Eligible
Financial accounting for Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA) 1.5 CPE Eligible
Accounting for Iowa Licensed Public Accountant (IA-LPA) 1.5 CPE Approved
Accounting for CIPM 1.5 PL Eligible
Accounting for Maine Licensed Public Accountant (ME-LPA) 1.5 CPE Approved
License details Credits Status
Accounting for Certified Public Accountants (CPA-US) 1 CPE Approved
Financial Accounting for Certified Internal Auditors (CIA) 1 CPE Eligible
Accounting for Certified Fraud Examiner (CFE) 1 CPE Eligible
Financial Reporting for Certified Management Accountants (CMA) 1 CPE Eligible
Financial Reporting for Accredited in Business Valuation (ABV) 1 CPD Eligible
Financial accounting for Certified Valuation Analyst (CVA) 1 CPE Eligible
Financial Reporting for Certified Financial Forensics (CFF) 1 CPD Eligible
Accounting for Chartered Financial Analyst (CFA) 1 PL Eligible
Accounting for Certified Government Financial Manager (CGFM) 1 CPE Eligible
Accounting for Delaware Licensed Public Accountant (DE-LPA) 1 CPE Approved
Accounting for Internal Audit Practitioner (IAP) 1 CPE Eligible
Financial accounting concepts for Certified FP&A Professional (FP&A) 1 CE Eligible
Accounting for Qualification in Internal Audit Leadership (QIAL) 1 CPE Eligible
Financial accounting for Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA) 1 CPE Eligible
Accounting for Iowa Licensed Public Accountant (IA-LPA) 1 CPE Approved
Accounting for CIPM 1 PL Eligible
Accounting for Maine Licensed Public Accountant (ME-LPA) 1 CPE Approved

Additional Information

Credits

1.5

Credit

1

Course Level

Intermediate

Instructional Method

QAS Self Study

Group Internet Based

Pre-requisites

None

Advance Preparation

None

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MY-CPE LLC 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 through its website: www.nasbaregistry.org.

About Instructor

Lynn Fountain

Lynn Fountain | CPA (US), CGMA, CRMA, cPIA, MBA

Owner, Lynn Fountain Consulting and Training

  • 4.5
  • rating
  • rating
  • rating
  • rating
  • rating

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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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.

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MY-CPE LLC courses are accepted for continuing education credit by various professional certification programs, including NASBA, IRS, CFP Board, and HRCI. MY-CPE LLC is also recognized by SHRM to offer Professional Development Credits (PDCs) for SHRM-CP® and SHRM-SCP® recertification activities.

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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.

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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 professional organizations 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.

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. Our courses qualify for credits with NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other professional organizations.

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 accepted by NASBA and other Professional Organizations?

MY-CPE LLC courses are accepted for continuing education credit by various professional certification programs, including NASBA, IRS, CFP Board, and HRCI. MY-CPE LLC is also recognized by SHRM to offer Professional Development Credits (PDCs) for SHRM-CP® and SHRM-SCP® recertification activities.

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 accepted for compliance and reporting purposes with NASBA, IRS, CFP Board, HRCI, SHRM (for PDCs), Payroll Org, FP Canada, and 25+ other professional organizations.

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.

Reviews and Ratings

out of 5

Excellent (60%)

Very Good (33%)

Average (6%)

Poor

Terrible

LH

Lee Hall, CPA (US)

5

fairly complex on milestone revenue recognition and no alternative use revenue rec. I will take another class on this. Good instructor with good examples.

Deborah Bonnem

Deborah Bonnem, CPA (US)

5

Lynn is a great presenter and thoroughly covered the material in a direct and thorough manner given the short time frame. It was just enough for me!

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Revenue Recognition (ASC 606)

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