Four for Fall: Revenue Recognition – An Overview of the New Standard and Preliminary Look at it’s Impact on your Company
Description
Revenue is probably the most important number in the financial statements. A joint FASB/IASB standard (ASU 2014-09) was rebuilds revenue accounting from the ground up.This course provides a comprehensive analysis of the guidance and its impact on your specific situation. Materials will be customized on request to address the issues and challenges that are crucial to your company.
Learning Objectives
Understand the fundamental principles of the contract- based approach to revenue recognition developed by FASB and IASB
Study how basic guidance is interpreted in more complex transactions using extensive implementation examples
Understand how the new approach to revenue recognition will affect the industry in which you operate
Identify specific issues that may alter the pattern of revenue recognition for your company
Learn how disclosure, transition, and practical expedients may ease the burden of adoption
Understand how AICPA and other industry based guidance may assist in implementing the standard.
Major Topics
The five step model of revenue recognition
Analyzing contacts, performance obligations and deliverables
More complex transactions – an examples-based approach
Continuous delivery and percent of completion
Multiple deliverables and contract separation
Limits on revenue recognition
Contract costs
Disclosures – a different approach
Alternate implementation paths – which way to go?
Course Level
Update
Professional Area of Focus
Accounting & Auditing
Business & Industry
CPE Field of Study
Accounting
2
Auditing
2
Who Should Attend
Companies who need to get on early start on planning for the new revenue standard and understanding how it may alter the numbers they report to investors and creditors.
Instructor(s)
Ray Thompson
Prerequisites
Prior learning or experience
Advanced Preparation
None
Location
Loyola University Maryland Graduate Center Columbia Campus
