Author(s)
Publisher:
AICPA
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NASBA Field of Study
Accounting
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Format
On demand
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Level
Intermediate
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CPE Credit
4
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Course acronym
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Prerequisites
Experience in application of accounting standard
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Course duration
4 Hours
Credit Info
Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know
The new accounting standard for revenue recognition was released in 2014 but its effective date is right around the corner. With the issuance of FASB ASU No. 2014- 09, Revenue from Contracts with Customers, FASB has completed a convergence project. 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.
Who will it benefit?
Accountants in public practice and industry seeking an understanding of the latest revenue recognition guidance
