Revenue is probably the most important number in the financial
statements. After years of effort a joint FASB/IASB standard has been
issued. It rebuilds revenue accounting from the ground up. This course
provides a comprehensive analysis of this guidance and its impact on
your company and/or clients.
Learning Objectives
Understand the fundamental principles of the contract- based approach
to revenue recognition developed by FASB and IASB
Learn how to analyze
contracts and account for them in terms of their performance obligations
Study how basic guidance is interpreted in more complex transactions
using extensive implementation examples.
Understand how the new
approach to revenue recognition will affect companies in a variety of
industries
Become aware of the multiple deliverables issue and its
effect on revenue and cost calculations.
Learn how the percent of
completion approach may be altered by the revised accounting model
Major Topics
The asset-based approach to revenue recognition
Analyzing contacts
and performance obligations
Identifying and satisfying performance
obligations
More complex transactions – an examples-based approach
