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Webcast: Interpreting the New Revenue Recognition Standard: What CPAs Need to Know (WBCL4INRR116)
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9/21/2016
When: 09/21/2016
12:00 PM until 4:00 PM
Where: Webcast
AICPA
1135189:63C5FEFE114C51A9289F5B2DEC5F1F86
United States
Presenter: Jennifer Howard Elder, CPA, MS, CMA, CIA, CFF, CGMA


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AcronymWBCL4INRR116
CPE4 hours
VendorAICPA
Category
Accounting & Auditing
LevelIntermediate
Yellow BookNo
PrerequisiteExperience in the application of accounting standards
Who should attend Accountants in public practice and industry who need an update on the latest revenue recognition guidance
Members$159
CPA Non-Members $199

The Member rate applies to LCPA members, reciprocal state society members, and non-CPA staff of LCPA members. To register online, use the ‘Register’ button above. To register by phone, call the LCPA Member Service Center at 800.288.5272 or 504.464.1040, Monday through Friday, 8am to 5pm.

Description

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 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.

Objectives

When you complete this course you will be able to:

  • Recognize new revenue recognition principles.
  • Identify appropriate revenue recognition decisions.
  • Identify steps to take today to be prepared for future implementation.

Topics

  • 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

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