The video is clear, concise, current, relevant, and accurate. In addition, concepts are summarized very well. The five steps of revenue recognition presented in the video are consistent with the current FASB guidelines. The first element explores the customer contract in terms of agreed-upon obligations and enforceability. Next, performance obligation as an indicator of contract compliance and completed work is examined in terms of standalone value. The third aspect, the transaction price, both cash and noncash, is considered, especially in variable situations. Fourth, allocation of transaction price in matching revenue and costs is analyzed. Finally, revenue recognition based on amount of contractual completion is explored in terms of transfer of control.
As a standalone video, this tutorial may be used in several situations, both in academic and other settings. The tutorial contains enough information to cover the topic well and includes examples to facilitate application of the presented concepts.