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Revenue Recognition: Rules & StandardsCode: 20-REV
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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
CPE credit: 6 Hours
Program Level: Update
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: 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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