Early Bird Fees (through 12/9)
After 12/9, add $50 to your fee.
CPE: 4 hours
Category: Accounting & Auditing
Prerequisites: Experience in the application of accounting standards
Advanced prep: None
Who should attend: Accountants in public practice and industry who need an update on the latest revenue recognition guidance
The new accounting standard for revenue recognition has finally been released! With the issuance of FASB ASU No. 2014-09, Revenue from Contracts with Customers, FASB has completed a convergence project with the IASB to improve financial reporting by creating common revenue recognition guidance for US GAAP and IFRS.
For years, revenue recognition has been the cause of audit failures and the focus of corporate abuse and fraud allegations. This course will provide you with an in-depth understanding of the framework for revenue recognition built around the core principle that is applied in a five step process.
In addition, understanding the changes and new requirements is critical for successful implementation of this new standard. Supported by practical examples, this course will assist you in avoiding revenue recognition traps and provide you with latest FASB guidance.
- Understand new revenue recognition principles.
- Make appropriate revenue recognition decisions.
- Identify steps to take today to be prepared for future implementation.
- Background, purpose, and main provisions of new standard
- Transition guidance
- 5-step process for recognizing revenue
- Disclosure requirements
- Implementation guidance – contracts, tax matters, internal controls, IT