This course provides an overview of the new revenue recognition standards prescribed by the Financial Accounting Standards Board (FASB) issued in May 2014. The new standards are effective for public business entities for annual reporting periods after December 1, 2017, including interim periods within that reporting period. For calendar year public filers, these entities will need to implement the new standards starting in 2018.
Why the Change in the Revenue Recognition Standards. Evolution of the Revenue Recognition Standard. Five Step Process for Revenue Recognition. Financial Statement Presentation Issues, Disclosure Requirements, and Transition Guidance. Recent Developments.
CPAs, CFOs, controllers, financial professionals, and auditors.
Recognize how the new revenue recognition standards were developed between the FASB and IASB. Identify the five steps involved in the new revenue recognition model. Recognize the steps involved in allocating the transaction price to performance obligations. Identify the considerations involved with measuring the transaction price. Recognize the considerations involved in identifying whether a contract exists. Identify presentation issues with respect to contract assets and contract liabilities. Understand the overall disclosure requirements and transition methods related to the new standards. Recognize key amendments from ASUs issued subsequent to the initial release of the new revenue recognition standards.
Kelen Camehl, Western CPE
Kelen is a recognized author and reviewer of CPE courses and has authored over 85 courses (225+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. His courses are available for purchase from many online CPE providers including the AICPA. Kelen has also remained involved in CPA exam content development for nearly 10 years and has authored more than a thousand multiple choice questions for various sections of the CPA exam. He also serves as an Editorial Advisor for the AICPA’s “Journal of Accountancy”.
Kelen has over 15 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Consultant with HP, Inc. in Dallas, TX. Most recently he was located in Budapest, Hungary on a three-year international assignment and served in the company’s Houston, TX location prior to this assignment. Prior to HP, he served in multiple accounting roles in the oil & gas industry with ConocoPhillips including technical accounting policy, SOX compliance, and internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors.
Non-Member Price $133.00
Member Price $116.00