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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, as well as fraud allegations. This webcast will provide you with an in-depth understanding of the framework for revenue recognition built around the core principle, which is applied in a five-step process. Understanding the changes and new requirements is critical for your successful implementation of this new standard. Therefore, this webcast provides practical examples to assist you in avoiding revenue recognition traps and covers the latest FASB guidance.
Recognize new revenue recognition principles.~Identify appropriate revenue recognition decisions.~Identify steps to take today to be prepared for future implementation.
Background, purpose and main provisions of new standard
Transition guidance
5-step process for recognizing revenue
Disclosure requirements
Implementation guidance – contracts, tax matters, internal controls, IT
Experience in the application of accounting standards
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