Interpreting the New Revenue Recognition Standard: What All CPA's Need To Know
The new accounting standard for revenue recognition was released in 2014 but its effective date is right around the corner. With the issuance of FASB ASU No. 2014-09, Revenue from Contracts with Customers, FASB has completed a convergence project. 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.
- 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
- Recognize new revenue recognition principles.
- Identify appropriate revenue recognition decisions.
- Identify steps to take today to be prepared for future implementation.
Accountants in public practice and industry who need an update on the latest revenue recognition guidance.