Revenue Recognition: Mastering the New FASB Requirements (8 hours)

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Apr 27, 2020

Registration: 7:00 AM / Program: 7:30 AM - 3:30 PM

Fees

Member Fee: $0.00
Nonmember Fee: $0.00

Available Discounts

AICPA Member: None
Full time Accounting Educator: None

Description

The effective date of the new accounting standard for revenue recognition is fast approaching! 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. This course will provide you with an in depth 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. 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.

Designed For

Accountants in public practice and industry seeking an understanding of the latest revenue recognition guidance.

Objectives

Recognize new revenue recognition principles.

Identify appropriate revenue recognition decisions.

Identify steps to take today to Be prepared for future implementation.

Major Subjects

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

This event has already passed. If you have any questions, please contact us at 503-641-7200 or email profdev@orcpa.org.