Revenue Recognition: The New Guidelines (4.5 hrs)

Course Description

Revenue Recognition: The New Guidelines – 4.5 hrs. CPE

In 2014, after years of deliberations, the Financial Accounting Standards Board (the FASB) and the International Accounting Standards Board (the IASB) jointly issued the Accounting Standard Update (ASU) No. 2014-09.  This new revenue recognition standard was issued to replace virtually all revenue recognition guidance found in U.S. GAAP and IFRS, including the existing guidance found in Topic 605, Revenue Recognition.

The new revenue standard creates a single source of revenue guidance for all companies in all industries. This is a significant difference from the guidance used currently, which contains many instances of industry- or transaction-specific recommendations.  This course reviews many of the new provisions through 2016.

Course information

Price: $65
Course No. 7012
Format: Online pdf (93 pages).
Prerequisites: General Accounting
Advance Preparation: None
Level: Overview
CPE Credit: 4.5 Hrs.
Field of Study: Accounting
Course expiration:  You have one year from date of purchase to complete the course.
Course Revision Date: July 2016

Objectives

After completing this course, participants should be able to:

• Recognize which entities will be affected by the new revenue guidelines.
• Identify the implementation dates for public and nonpublic entities.
• Recognize the significant difference between the new guidelines and current practice.
• Identify the difference between U.S. GAAP and IFRS.
• Recognize the steps involved in implementing the new revenue guidelines.
• Identify performance obligations and contract modifications.
• Recognize disclosure requirements for the new revenue guidelines.
• Identify the potential impact upon adoption of new revenue guidelines.


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