Revenue Recognition: A Step-by-Step Expert’s Guide Self-Study Webinar (11 Hours)


The new Revenue Recognition Standard (ASC 606) dramatically changes the way you, your company, or your clients, recognize revenue by replacing existing US GAAP with a new core principle and a 5-Step Process. In this self-study workshop, you’ll gain an in-depth understanding of the New Standard and learn how to make necessary changes to your:

  • Key financial measures and ratios and IT systems
  • Accounting, sales and contracting processes and internal controls
  • COVID-19 response

To help accountants and other financial professionals understand the latest accounting rules for Revenue Recognition. You’ll gain the confidence to comply with the core principles and 5-Step Process for recognizing revenue required by ASC 606. The course will also highlight differences with previous GAAP. Real-world examples and case studies will guide participants to practical solutions for their specific circumstances.

  • Recognizing revenue under the 5-Step Model
  • Comparing the New Standard with prior GAAP, including review of significant changes and problem areas
  • Timeline, action plan, and implementing the transition process
  • Costs to obtain a contract
  • Principal vs. agent
  • Collectability
  • Licenses
  • Contract modifications
  • Combining and segmenting contracts
  • Multiple deliverables
  • Significant financing components and the time value of money
  • Significant changes from prior GAAP, including bill and hold transactions, percentage of completion method, breakage and escheats, fixed fees, one-time fees, and gross vs. net
  • Specific industry illustrations
  • Understanding and complying with quantitative and qualitative disclosure requirements
  • Retrospective vs. modified retrospective adoption—practical expedients and transition issues
  • The latest deliberations of the Joint Transition Resource Group and FASB’s responses
  • The impact of COVID-19

• Recognize the concerns leading up to the creation of the new revenue recognition standard

• Recognize the objectives of the new revenue recognition standard

• Recognize the implications of the new standard on disclosures

• Identify the scope of the new standard

• Identify the overall approach to revenue recognition under the standard

• Recognize the preliminary processes necessary to implement the standard

• Identify the areas of highest impact under the standard

• Identify the standard’s impact on financial reporting for taxes

• Identify the steps within the revenue recognition model

• Recognize the new judgments that will have to be made under the standard

• Recognize the criterion for a contract under the standard

• Identify the characteristics of multiple contracts that should be combined

• Recognize the characteristics of a contract modification that should be accounted for as a separate contract

• Identify the characteristics of a separately identifiable performance obligation

• Identify the indicators of a transfer of control of underlying goods or services

• Identify the implications of revenue recognition on intellectual property licenses

• Identify the implications of revenue recognition on customer loyalty programs

• Recognize the proper treatment of nonrefundable up-front fees that do not relate to the transfer of a good or service

• Recognize the different forms of variable consideration

• Identify the accounting treatment of variable consideration under the standard

• Recognize the approach appropriate for estimating variable consideration

• Recognize the level at which the constraint on variable consideration should be applied

• Recognize the characteristics of optional purchases vs. variable consideration

• Recognize the accounting treatment of noncash consideration received under the standard

• Identify whether a revenue contract contains a significant financing component

• Identify the practical expedient applicable to a significant financing component

• Identify the characteristics of a principal vs. agent role in revenue recognition

• Identify the method for allocating transaction price to a performance obligation

• Recognize the accounting treatment of variable consideration in the standard

• Identify the characteristics of the transfer of control of a good or service

• Identify criteria distinguishing control transferred over time vs. a point in time

• Identify the accounting treatment of inestimable customer returns

• Identify the accounting treatment of a bill-and-hold arrangement

• Identify the disclosure requirements of nonpublic entities relative to public entities




No advance preparation required.

Level of Knowledge: 


CPE Credit: 
NASBA Field of Study: