Revenue Recognition (ASC 606) Certification
A comprehensive ASC 606 revenue recognition program
Certificate Highlights
This certificate is designed to provide professionals the required understanding and insight into adequately complying with ASC 606 (Topic 606) “Recognize Revenue from Contracts with Customers”. The certificate courses utilize extensive examples to facilitate learning and allow the professional to practice their skills related to the five-step model. There are six separate courses that are specifically dedicated to practicing your knowledge and applying it to case scenarios specific to each step.
The new standard became effective December 2017 and it is critical companies properly re-evaluate their current revenue recognition process to ensure they are in alignment with the new standard and the five-step model as follows:
Step One: Identify the contract with the customer
Step Two: Determine performance obligations
Step Three: Determine the transaction price
Step Four: Allocate the transaction price to performance obligations
Step Five: Recognize revenue
At the surface, the five steps seem simplistic. However, there are many considerations that should be considered within each step based on your process and industry. Transaction and industry specific revenue recognition guidance is eliminated. It is replaced with a principle-based approach for determining revenue recognition. The new standard requires significantly more disclosure than previous generally accepted accounting principles (GAAP).
The standard affects all entities (public, private, and not-for-profit) that have contracts with customers. Exclusions include:
• Leases accounted for under 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).
The revenue recognition courses and the certificate are fully accurate and up-to-date per the standard. In a few places, Covid examples were used however the example does not impact the accuracy of the course. Although COVID continues to be an issue in many areas, similar events can be related to other examples that may occur in today’s economy. These are just examples and something to consider in the event of future economic issues that may occur that would be impactful to the company in the same manner.
Frequently Asked Questions
In short, you would do this to get better at what you already do, or to get a significant knowledge jump on something you want to do for a living. And, via the certificate itself, to be able to show others that you have attained this knowledge.
You would hire this Professional because they bring deep knowledge, on concrete topics, to your team. Simply completing the Illumeo certification denotes that the person is a serious professional willing to take the time to become very good at what they do, and that they put in the time, passed the tests, and are knowledgeable in their area of certification.
There is an exam for every course and you must pass every one in order to receive your certification. You may re-study the content and re-take any exam until you pass it.
A subscription to Illumeo helps fill out your professional knowledge with its unfettered access to hundreds of up-to-date on demand courses taught by long-time practitioners - just like the instructor of this certification program.
Instructor
Lynn Fountain, CPA MBA CGMA CRMA
Consultant, Author, Trainer, and past Chief Audit Executive
Lynn Fountain is widely considered an expert in the field of Sarbanes-Oxley and has led initiatives in compliance efforts. In addition, her expertise in the field has been recognized through her ability to provide individualized training on the legislation and compliance requirements as well as assist organizations in establishing the proper control framework for compliance. Course participants have been quoted as saying: “Ms. Fountain should instruct a PhD in Sarbanes-Oxley Compliance.” Ms. Fountain’s ability to break-down the various aspects of the legislation and communicate its importance in relevant terms is the key to the success of her courses.