Beach Retreat: Revenue Recognition Under New U.S. GAAP: Case Studies of the Impact of Applying Changes in Accounting and Financial Reporting
Description
ASU 2014-09 (and subsequent related ASUs) is one of the most monumental changes in U.S. GAAP to ever occur – and it impacts every entity out there, regardless of nature, size and complexity. This course will use an illustrative example approach to clearly demonstrate the impact on revenue recognition under existing and changing U.S. GAAP.
Learning Objectives
Identifying contracts with customers under the new rules
Defining performance obligations to the customer under the new rules, including when multiple obligations are involved
Determining the total transaction price under the new rules, including noncash and long-term financing considerations
Allocating the transaction price and recognizing revenue as performance obligations are satisfied
Responsibilities of accounting, finance, legal, tax, governance in transitioning to the new U.S. GAAP rules
Illustrative examples of the treatment of various scenarios under the new rules
Major Topics
Upon completion of this course participants will be able to:
Describe significant differences in accounting and financial reporting after ASU 2014-09 and related changing U.S. GAAP
Explain important aspects of revenue recognition that are NOT changing with the new rules
Apply tips for implementing and transitioning to the new revenue recognition model
Provider
Business Learning Institute
Course Level
Basic
Professional Area of Focus
Accounting & Auditing
CPE Field of Study
Accounting
4
Who Should Attend
Public and industry accountants responsible for monitoring the proper treatment of revenue recognition
