The new accounting standard for revenue recognition has finally been
released! With the issuance of FASB ASU No. 2014-09, Revenue from
Contracts with Customers, FASB has completed a convergence project with
the IASB to improve financial reporting by creating common revenue
recognition guidance for U.S. GAAP and IFRS. For years, revenue
recognition has been the cause of audit failures and the focus of
corporate abuse and fraud allegations. This course will provide you with
an in-depth understanding of the framework for revenue recognition built
around the core principle that is applied in a five step process. In
addition, understanding the changes and new requirements is critical for
successful implementation of this new standard. Supported by practical
examples, this course will assist you in avoiding revenue recognition
traps and provide you with the latest FASB guidance. Topics Discussed:
Background, purpose, and main provisions of the new standard
Transition guidance 5-step process for recognizing revenue
Disclosure requirements Implementation guidance – contracts, tax
matters, internal controls, IT