In this course, Ray Thompson breaks down the new revenue recognition Standard (FASB and IASB have jointly issued ASU 2014-09/IFRS 15), which will have a major effect on the way that companies account for contracts with customers. In order to address the longstanding dissatisfaction with this area of revenue recognition, the Boards have revamped their guidance by completely rebuilding their framework on revenue recognition across a broad range of industries. For companies that engage in complex transactions and business arrangements, their revenue, income, assets, and liabilities will change quite significantly. You’ll learn everything you need to know about the new Standard, with the changes presented in a thorough, straightforward manner.
Foundations The Contract-Based Approach and Five Step Model. Five Step Model. Percent of Completion and Separation of Combined Performance Obligations. Transition and Implementation. Key Areas in Revenue Recognition. Adjustment to an Ongoing Contract. Guidance in Revenue Recognition. Audit Issues in Revenue Recognition.
CPAs, CFOs, controllers, financial professionals, and auditors.
Identify why FASB and IASB believed it was necessary to rebuild the revenue recognition guidance as compared to GAAP. Cite the contract-based model as explained in ASC 2014-09. Cite components of the five steps involved in ASC 2014-09’s revenue recognition model. Identify how multiple performance obligations affect contracts. Identify changes in terminology under the Board’s new revenue models. Select criteria to properly analyze contracts. Identify the location of legacy guidance. Contrast the concept of delivery over time as used in ASU 2014-09 with percent of completion as used in current GAAP, and more.
Ray Thompson, Western CPE
Dr. Ray Thompson, CBA, CFM, CMA, is an emeritus associate professor of accounting and finance at the University of Pittsburgh. He served as department head at the University of Pittsburgh at Johnstown (UPJ) campus for over 25 years. He was the associate director of UPJ’s Entrepreneurial Development Assistance Project, where he was involved in financial consulting and assisting in preparing loan proposals for small business start-ups. He has taught in graduate and undergraduate business programs in Europe, Africa, and the United States.
Ray received his BS and MS degrees in economics and systems dynamics from the University of Bradford in the United Kingdom, his MBA in accounting from Xavier University in Ohio, and his PhD in business administration from Nova University. Ray is also certified in financial management and is a certified management accountant (CMA), a certified business appraiser (CBA), and holds the accredited valuation analyst credential from the National Association of Certified Valuators and Analysts (NACVA). He recently became certified in IFRS though the Institute of Chartered Accountants in England and Wales.
Non-Member Price $233.00
Member Price $203.00