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Revenue Recognition PrinciplesCode: 21-REVREC
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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.
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
CPE credit: 4 Hours
Program Level: Update
Advance Preparation: None
Exam expiration date: Participants must submit exams for grading within one year from the date of purchase