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This FASB revenue recognition standard webinar will discuss the various steps involved in this standard and also the technical guidance to prepare a revenue recognition model.


  • Identify the effective dates for the new standard.
  • Explore the need for the new standard.
  • Explore the new revenue recognition core principles and the five-step revenue model.
  • Identify the impact of the new standard on various revenue concepts.


The new revenue recognition standard outlines five steps for proper compliance. At the surface, these steps seem simplistic. However, there are many considerations that should be considered within each step based on your process and industry. This course is designed to provide an overview of the technical guidance and outline the five steps involved in the revenue recognition model. We also explore some concepts to consider within each step and then evaluate some challenges that specific industries may have when complying with the standard. Future courses will further delve into each step and provide example and scenarios that should be considered to properly apply the step.


  • Explore the impact of the standard on various industries.
  • The standard affects all entities (public, private, and not-for-profit) that have contracts with customers. Exclusions include:
  • Leases accounted for under FASB 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)


  • Accounting Managers and Supervisors
  • Contracts Department
  • Compliance Department
  • Business Owners
  • Company Board Members
  • Anyone who wishes to enhance their knowledge of the new rule


Lynn Fountain has over 35 years of experience spanning public accounting, corporate accounting and consulting. She has 20 years of experience working in the areas of internal and external auditing. 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.

Ms. Fountain has held two chief audit executive positions for international companies. Since 2008, she has served in positions where she was responsible for internal audit, enterprise risk management and Sarbanes-Oxley. Ms. Fountain has a private consulting and training business, and she has developed and delivered leading edge training sessions on COSO, internal audit, ERM, accounting, leadership, governance, compliance and ethics. She delivers training for the American Institute of Certified Public Accountants, Institute of Internal Auditors, and multiple seminar and training groups.

Ms. Fountain is the author of two technical books that released in 2015: Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations; Leading the Internal Audit Function. In addition, Ms. Fountain is a frequent blogger on the LinkedIn platform and has also had numerous articles published in professional and technical publications. She is currently authoring a third technical book on corporate ethics and the internal auditor’s challenge.

She has performed as an adjunct instructor for the School of Business for Grantham University and developed the first internal audit curriculum for the School of Business at the University of Kansas. Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CGMA, CRMA credentials and CPA certificate (non-active).

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