Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know

Date: November 2, 2016 Time: 1:00 pm - 5:05 pm EST CPE: 4 Format: Webcast
EVENT 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.
Topics Discussed:
•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

LEARNING OBJECTIVES
Recognize new revenue recognition principles.
Identify appropriate revenue recognition decisions.
Identify steps to take today to be prepared for future implementation.
MAJOR TOPICS
Background, purpose, and main provisions of new standardTransition guidance5-step process for recognizing revenueDisclosure requirementsImplementation guidance – contracts, tax matters, internal controls, IT
EVENT DETAILS
CPE FIELD OF STUDY
Accounting (4 Credits)
INSTRUCTOR(S)
Jennifer Elder
COURSE LEVEL
Intermediate
LOCATION
Online Webcast
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