Revenue Recognition PrinciplesCode: 21-REVREC

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Course Details

55 pages

Course description and objectives:

This course provides an overview of the new revenue recognition standards prescribed by the Financial Accounting Standards Board (FASB) issued in May 2014.  The new standards are effective for public business entities for annual reporting periods after December 1, 2017, including interim periods within that reporting period.For calendar year public filers, these entities will need to implement the new standardsstarting in 2018. 

Course Objectives:

After reading the chapter, participants will be able to:

  •          Recognize how the new revenue recognition standards were developed between the FASB and IASB

  •          List the five steps involved in the new revenue recognition model

  •          Recognize the considerations involved in identifying whether a contract exists

  •          Identify the considerations involved with measuring the transaction price

  •        Recognize the steps involved in allocating the transaction price to performance obligations

  •          Identify presentation issues with respect to contract assets and contract liabilities

  •        Understand the overall disclosure requirements and transition methods related to the new standards

  •          Recognize key amendments from ASUs issued subsequent to the initial release of the new revenue recognition standards

Presentation Method:   Self-Study

 

Category:  Accounting

CPE credit:  4 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.nasba.org

NASBA Sponsor number 108096

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