Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know
For years, revenue recognition has been the cause of audit failures and the focus of corporate abuse and fraud allegations.
This CPE course will provide you with an understanding of the framework for revenue recognition built around the core principle of the new standard, which is applied in a five-step process. In addition, this course will help you understand the changes and new requirements of the standard, which is critical for successful implementation.
Supported by practical examples, this course will assist you in avoiding revenue recognition traps and provide you with the latest FASB guidance. In addition, you will understand how the new guidance impacts certain industries as a result of new criteria for recognizing revenue and changes in disclosure requirements.
This course will prepare you to:
- Recognize new revenue recognition principles
- Identify appropriate revenue recognition decisions
- Identify steps to take today to be prepared for future implementation of the new standard
- 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
Who Will Benefit?
- Accountants in public practice and industry seeking an understanding of the latest revenue recognition guidance
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