Revenue Recognition: Rules & StandardsCode: 20-REV

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Course Details


145 Pages

In 2014, after years of deliberations, the Financial Accounting Standards Board (the FASB) and the International Accounting  Standards  Board  (the  IASB)  jointly  issued  the  Accounting  Standard  Update  (ASU)  No.  2014‐09(codified  primarily  in  ASC  606)  and  IFRS  15,  respectively.  ASC  606,  the  new  revenue  standard,  replaces virtually all (including industry‐specific) U.S. GAAP revenue guidance with a single model.The standard not just changes the amounts and timing of revenue but potentially affects organizations’ financial statements, business processes and internal control over financial reporting. The standard also affects other related accounting topics such as contract modification, rights of return, licensing, principal‐versus‐agent considerations, and income tax. Moreover, the standard creates new and expanded disclosure requirements. 

In light of the new revenue standard, organizations need to reassess their current revenue accounting processes and  systems  and  implement  changes  required  to  maintain  compliance  with  the  new  guidance.This  course  reorganizes the guidance contained in ASC 606, to follow the five‐step revenue recognition model along with other guidance impacted by this standard. It also provides examples to illustrate the application. The course is designed to help you navigate the complexities of this standard, identify the implications of it, and prepare for implementation.It also shares insights to help you evaluate the effect of required changes to the internal control environment.  Itprovides a working knowledge of the fundamentals of revenue standard that can be applied, regardless of the company size, in the real world. 

      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

      For more information regarding refunds, complaints, or cancellation policies, please contact our offices at 817-477-0222.

      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:  National Registry of CPE Sponsors, 150 Fourth Ave. North, Nashville, TN 37219-2417.  Web site:  www.nasbaregistry.org

      NASBA QAS Sponsor number 108096


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