This site uses cookies to store information on your computer. Some are essential to make our site work; others help us improve the user experience. By using the site, you consent to the placement of these cookies. Read our privacy policy to learn more.

Technical

Revenue Recognition: Mastering the New FASB Requirements Logo aicpa

  Free |   CPE: 8.0 |   AICPA |   28 Apr 2020 |   Accounting |   AICPA Store

The Association, the global voice of the American Institute of CPAs and the Chartered Institute of Management Accountants, is taking the Coronavirus (COVID-19) very seriously. We are continually monitoring the virus’ impact on our members and the profession. For the most up-to-date information on this topic, please visit the AICPA’s Coronavirus Resource Center.

Who Will Benefit?
  • Accountants in public practice & industry who need an update on the new revenue recognition guidance
Key Topics
  • 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
Learning Objectives
  • Recognize new revenue recognition principles
  • Identify appropriate revenue recognition decisions
  • Identify steps to take today to be prepared for future implementation.

Understand the 5-step process

For years, revenue recognition has been the cause of audit failures and the focus of corporate abuse and fraud allegations. 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. The effective date of the new accounting standard for revenue recognition is fast approaching!

Are you ready?

This webcast 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. This webcast covers the changes and new requirements that are critical for successful implementation of this new standard.

Supported by practical examples, this webcast 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.

Topics covered:
  • Management accounting: Technical: Financial accounting & reporting: Professional accounting standards, Intermediate
  • Financial accounting & reporting: Technical: FASB financial accounting & reporting: Revenue recognition, Intermediate

Comments/Reflections