Webcast: Revenue Recognition: Mastering the New FASB Requirements (XAINRRM217)
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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-d

9/28/2017
When: 09/28/2017
8:00 AM until 4:00 PM
Where: Webcast
AICPA
1377132:4022794E07C0EEA87C0C446C664CC7C6
United States
Presenter: Renee Rampulla


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Acronym XAINRRM217
CPE 8 hours
Vendor AICPA
Category
Accounting
Level Intermediate
Prerequisite Experience in the application of accounting standards
Adv Prep None
Yellow Book? No
Designed for Accountants in public practice & industry who need an update on the new revenue recognition guidance
Registration
Member $249
CPA Non-Member $319

The Member rate applies to LCPA members, other 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.

Course Description

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.

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

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.