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Revenue Recognition: Mastering the New FASB Requirements (2020)

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 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

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.

Major Topics

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

Provider
AICPA
Course Level
Intermediate
Professional Area of Focus
Accounting & Auditing
CPE Field of Study
Accounting
8
Who Should Attend

Accountants in public practice & industry who need an update on the new revenue recognition guidance

Instructor(s)
Renee Rampulla
Prerequisites

Experience in the application of accounting standards

Advanced Preparation

None

Location
Online
Event Information
When
Sep 22, 2020
10:30 am - 6:30 pm EDT
Location
Online
Total CPE Credits
8
Format
Webcast Replay

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Revenue Recognition: Mastering the New FASB Requirements (2020)


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