Revenue Recognition: Practical Approaches to Implementation
Description
Revenue is probably the most important number in the financial statements. This course provides a comprehensive analysis of ASU 2014-09 and its impact on your company and/or clients. The course guides CPAs through the new analysis, judgments, estimation and disclosures this will involve.
Learning Objectives
Understand the fundamental principles of the contract- based approach to revenue set out in ASU 2014-09 and subsequent updates
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, real-life examples.
Become aware of the multiple deliverables and percent of completion issues and their effect on revenue realization.
Learn how the balance sheet treatment of leases will alter financial statement numbers, ratios, and loan covenants
Become familiar with the right of use model for capitalizing leases
Analyze industry specific implementation issues using FASB’s 5 step approach.
Navigate through transition, disclosure and presentation challenges.
Major Topics
Analyzing contracts using the five step model
What can be learned from companies who have already implemented ASU 2014-09
Multiple deliverables and contract separation
Disclosures – a different approach
Effective date and transition implications
Capitalizing contract costs
Industry-specific considerations in implementation
Percent of completion and long term contracts
Accounting for contract pricing uncertainties
Provider
Business Learning Institute
Course Level
Update
Professional Area of Focus
Accounting & Auditing
CPE Field of Study
Accounting
4
Who Should Attend
Preparers and accountants in public practice who need to understand the new revenue reporting rules, their practical impact on a company’s performance, and financial reporting practices.
Instructor(s)
Ray Thompson
Prerequisites
Prior learning or experience in revenue accounting
