Revenue Recognition: Mastering the New FASB Requirements
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 in-depth understanding of the framework for revenue recognition built around the core principle that is applied in a five step process. 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 latest FASB guidance. In addition, you will gain an understanding of 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
- 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
Who Will Benefit?
- Accountants in public practice and industry seeking an understanding of the latest revenue recognition guidance.
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