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.