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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
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7/20/2017
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When:
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07/20/2017
8:00 AM until 4:00 PM
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Where:
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Webcast
AICPA
1377128:09858DC2AE384C36D79F2C3014EA5B26
United States
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Presenter:
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Renee Rampulla
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Online registration is closed.
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« Go to Upcoming Event List
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| Acronym |
XAINRRM117 |
| CPE |
8 hours |
| Vendor |
AICPA |
Category
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Accounting
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| 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 |
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| Registration |
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| Member |
$249 |
| CPA Non-Member |
$319 |
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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.
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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.
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