Revenue: 5 Steps to Recognition

2 Credits: Accounting


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Revenue: 5 Steps to Recognition

Course Level
CPE Credits

2 Credits: Accounting

Course Description

This detailed course offers an in-depth exploration of the FASB’s ASC Topic 606 revenue recognition standards, focusing specifically on the five-step model. The benefit of this course lies in its thorough breakdown of each step, from contract identification to revenue recognition. Participants will gain a comprehensive understanding of the key elements involved in revenue recognition, including the evaluation of contracts, determination of transaction prices, and allocation to performance obligations. By the end of the course, attendees will be equipped with practical knowledge and skills to apply these standards effectively in their professional roles, enhancing their value as accounting and finance experts.

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Learning Objectives

Upon completion of this course, participants will be able to:

• List the five steps involved in the new revenue recognition model
• Recognize the considerations involved in identifying whether a contract exists
• Identify the considerations involved with measuring the transaction price
• Recognize the steps involved in allocating the transaction price to performance obligations

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Course Specifics

Course ID
Revision Date
February 16, 2023

There are no prerequisites.

Advanced Preparation


Number of Pages

Compliance Information

NASBA Provider Number: 103220

CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

Meet The Experts

Kelen is a recognized author and reviewer of CPE courses and has authored over 145 courses (350+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. Kelen remained involved in CPA exam content development for nearly 10 years and authored more than a thousand multiple choice questions for various sections of the CPA exam. He also serves as an Editorial Advisor for the AICPA’s Journal of Accountancy. Kelen has nearly 20 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Advisor with HP. Prior to HP, he served in multiple …