The effective date of the new accounting standard for revenue recognition is upon us! 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. Joann Cross will provide you with an in-depth review 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. Recent updates to this course include industry-specific examples taken from the AICPA Audit and Accounting Guide Revenue Recognition.
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.
Experience in the application of accounting standards
Recognize new revenue recognition principles. Identify appropriate revenue recognition decisions. Identify steps to take today to be prepared for future implementation.
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4.71 stars out of 5 - speaker rating for 2019 “Joann Cross did a great job!!” - past attendee
Dr. Cross earned her B.S. from the University of Wisconsin Madison in Theoretical Mathematics with minors in Meteorology Linguistics and Theater Arts. Her research and consulting interests are in accounting history, and the application of financial reporting standards. She is a Certified Public Accountant, a Certified Management Accountant, and a Certified Government Financial Manager.
Non-Member Price $349.00
Member Price $249.00