Revenue Recognition: Mastering the New FASB Requirements WEBCAST

Overview

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.

Highlights

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

Prerequisites

Experience in the application of accounting standards

Objectives

Recognize new revenue recognition principles. Identify appropriate revenue recognition decisions. Identify steps to take today to be prepared for future implementation

Preparation

None

Notice

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