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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 indepth 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.
• 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
Intended Audience: Accountants in public practice and industry who need an update on the latest revenue recognition guidance
Instructor: Peter Bunce
Area of Study: 4 Accounting
Prerequisite: Experience in the application of accounting standards
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