Recent GAAP DevelopmentsCode: 16-RECGAAP

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Course Details

129 pages
Course description and objectives:

On May 28, 2014 the Financial Accounting Standards Board (FASB) released its widely anticipated revenue standard, Accounting Standards Update 2014-09, Revenue from Contracts with Customers.The issuance of final documents was the result of a joint effort
by the FASB and the International Accounting Standards Board (IASB) to enhance financial reporting with the establishment of common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards (IFRS). This course will
consider the significance of the guidance issued, review the core principle related to the recognition of revenue, identify the specific steps that should be applied to recognize revenue and consider the actions needed in order to be prepared to implement the revenue
guidance by the effective date of the standard. The FASB has also recently released Accounting Standard Updates affecting the
presentation of financial statements involving going concern disclosures, discontinued operations and the liquidation basis of accounting. This course will review ASU 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40):
Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of
Disposals of Components of an Entityand ASU 2013-07, Presentation of Financial Statements (Topic 205): Liquidation Basis of Accountingbyfocusing on the key considerationsof the Updates.

Learning Objectives
After completing this course, you should be able to:

  • Recognize the definition of a contract as defined in Accounting Standards Update 2014-09,Revenue from Contracts with Customers.
  • Recognize the required criteria of a contract that must be present in order to apply the revenue recognition standard.
  • Recognize the steps required to recognize revenue.
  • Recognize the disclosure requirements of the new revenue standard.
  • Recognize the definition of substantial doubt as defined by Accounting Standards Update 2014-15, Disclosure of Uncertainties aboutn Entity’s Ability to Continue as a Going Concern.
  • Recognize when to use the going concern basis of accounting.
  • Recognize the key changes related to reporting discontinued operations as a result of the issuance of Accounting Standards Update 2014-08, Reporting Discontinued Operations andDisclosures of Disposals of Components of an Entity.
  • Recognize the key provisions of Accounting Standards Update 2013-07, Liquidation Basis of Accounting.
  • Presentation Method: QAS Self-Study

    Category: Accounting

    CPE credit: 6 Hours

    Program Level: Update

    Prerequisites: None

    Advance Preparation: None

    Exam expiration date: Participants must submit exams for grading within one year from the date of purchase

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    American CPE, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors at their website,

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