Revenue Recognition - ASC Topic 606
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Revenue Recognition - ASC Topic 606

This course explains the 5 steps to Revenue Recognition under the new standards.
4.3 (6 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
17 students enrolled
Last updated 6/2017
English
Current price: $10 Original price: $50 Discount: 80% off
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Includes:
  • 1.5 hours on-demand video
  • 2 Articles
  • 2 Supplemental Resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • Identify the relevant changes in the new revenue recognition guidance for your company.
  • Identify the technical aspects of the principal steps of revenue recognition in the new standards.
  • Discover the implications of “rules-based” and “principles-based” revenue recognition standards.
View Curriculum
Requirements
  • Basic proficiency in US GAAP accounting and basic revenue recognition or an equivalent understanding from their relevant practical experience.
Description

The issuance of the new standard for revenue recognition finally happened in May 2014, and will replace the current guidance in US GAAP and IFRS for revenue recognition at the end of 2017 for public filers and at the end of 2018 for private companies, with early adoption available.

The new revenue rules represent a paradigm shift from a rules-based to a principles-based approach and will impact several facets of a business. Companies will need to adjust policies and design new processes to ensure compliance.

Join Jeff as he: 

  • Walks through the 5 steps to revenue recognition in a methodological manner using specific examples to drive home the technical application of the new guidance.
  • Dives deep into the 5 steps of the new standard in a practical manner and specifically outlines the key things that potentially won’t be different vs. slightly different vs. significantly different.
  • Delivers insights that go well beyond recapping the highlights of the new guidance to offer actionable advice in designing and executing on policy changes.
Who is the target audience?
  • Anyone in Accounting, Finance, or related fields.
Compare to Other Accounting Courses
Curriculum For This Course
10 Lectures
01:35:52
+
Introduction
8 Lectures 01:35:48


The Core Principle
03:30

Identify the Contract(s) & Identify the Performance Obligations
11:27

Determine the Transaction Price
09:02

Allocate the Transaction Price & Recognize Revenue Upon Satisfaction of Obligati
11:21

Recap and Closing
01:52

Topic 606 - Revenue from Contracts with Customers: An Introduction to the New St
47:53
+
Supporting Materials
2 Lectures 00:04
Slides: Topic 606
00:02

Topic 606 Glossary/Index
00:02
+
REVIEW AND TEST
0 Lectures 00:00

REVIEW QUESTIONS: Topic 606 - Revenue from Contracts with Customers

REVIEW QUESTIONS
3 questions

FINAL EXAM: Topic 606 - Revenue from Contracts with Customers

FINAL EXAM
5 questions
About the Instructor
Illumeo Learning
4.4 Average rating
322 Reviews
1,362 Students
242 Courses
Condensed and Efficient Courses for Busy Professionals

Illumeo, incorporated in 2009, is revolutionizing the hide-bound world of corporate learning. Illumeo works with corporate professionals and organizations of all sizes to build the skills and capabilities that help everyone be an expert at their job.

Based in Silicon Valley, CA, Illumeo serves thousands of corporations and corporate professionals across Finance, Accounting, Human Resources, Sales and Marketing. The platform offers assessments, industry-benchmarked competency analyses, hundreds of expert-developed courses, collaborative tools, and the ability for companies to self-publish internal courses that promote institutional knowledge retention and dissemination.

Illumeo is the place for expertise management and we are dedicated to the proposition that everyone can be an expert at their job.

Jeff Tchir (Illumeo)
4.4 Average rating
7 Reviews
20 Students
3 Courses

Jeff is the founder and technical advisor to RevRec.NET, a consulting group focused on providing advisory services around all aspects of revenue recognition, and ASC 606 implementation in particular. He also remains engaged at Silver Spring Networks, where he supports the sales and legal teams in strategic deal structuring, and advises the company on compliance matters and technical accounting policy with respect to revenue recognition. In addition, he has served on the advisory board of Revstream, a revenue lifecycle management and billings solutions company. Prior to these roles, Jeff’s past experience includes client serving positions at Ernst & Young and Deloitte, as well as holding various positions within the controllership functions of both NetApp and Silicon Graphics. 

Experience

Founder and Technical Advisor : RevRec.Net - [2006-02 to Current]

Director of Revenue : Silver Spring Networks - [2009-06 to 2015-10]

Dir of Finance - Revenue Recognition : Silicon Graphics - [2004-11 to 2006-02]

Senior Manager - Worldwide Revenue : NetApp - [2003-05 to 2004-11]

Corporate Accounting Manager : NetApp - [2001-11 to 2003-05]

International Finance Manager : NetApp - [2000-01 to 2001-11]

International Tax Manager : Ernst & Young - [1997-09 to 1999-12]

Manager, Audit and Accounting : Magne Brokopiw & Zielke - [1995-09 to 1997-09]

Senior Staff : Deloitte - [1990-05 to 1995-09] 

Education

Bachelor of Commerce, Accounting : University of Manitoba