CPE: 8 hours
Prerequisite: Experience in the application of accounting standards
Advanced prep: None
Who should attend: Accts in public practice/industry who need an update on the latest revenue recognition guidance
Yellow Book: No
The effective date of the new accounting standard for revenue recognition is fast approaching! 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 U.S. 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. In addition, you will understand how the new
guidance impacts certain industries as a result of new criteria for recognizing revenue and changes in disclosure requirements.
When you complete this course you will be able to:
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
5-step process for recognizing revenue
Implementation guidance – contracts, tax matters, internal controls, IT