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
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.
– 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
Accountants in public practice and industry seeking an understanding of the latest revenue recognition guidance.
Experience in the application of accounting standards