New Revenue Recognition Rules (Currently Unavailable)

Author: Colleen Neuharth McClain

On May 28, 2014 the Financial Accounting Standards Board (FASB) released its widely anticipated revenue standard, Accounting Standards Update 2014-09, Revenue from Contracts with Customers.

The issuance of final documents was the result of a joint effort by the FASB and the International Accounting Standards Board (IASB) to enhance financial reporting with the establishment of common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards (IFRS).

This course will consider the significance of the guidance issued, review the core principle related to the recognition of revenue, identify the specific steps that should be applied to recognize revenue and consider the actions needed in order to be prepared to implement the revenue guidance by the effective date of the standard.

Publication Date: July 2014

Topics Covered

• The Revenue Recognition Standard
• Costs Related to a Contract with a Customer
• Disclosures
• Effective Dates
• Implementation Resources
• Additional Considerations

Learning Objectives

• Recognize the definition of a contract
• Recognize the significant revenue recognition rules listed in Accounting Standards Update 2014-09, Revenue from Contracts with Customers.
• Identify resources available to assist in the implementation of the new revenue recognition standard.

Level
Overview

Instructional Method
Self-Study

NASBA Field of Study
Accounting (1 hour)

Program Prerequisites
None

Advance Preparation
None