Revenue Recognition: Rules & StandardsCode: 20-REV

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

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