Revenue Recognition: A Fresh New Look (Currently Unavailable)

Author: Alan Anderson

Revenue is a measure that is subject to considerable scrutiny by investors, analysts and other stakeholders. The timing and recognition of that revenue – can be more complicated than it seems. And is one of the top areas of risk during the audit.

This session will discuss the new accounting standard from FASB which have been issued to facilitate international convergence in revenue recognition. The new standard will impact some industries more than others, but will have some level of impact on all companies. In addition to detailing those impact, the session will also discuss other common misinterpretations in revenue recognition.

While the new rules won’t take effect until after December 15, 2017, auditors should gain their understanding in order to properly discuss those changes with their clients so any needed any necessary business process and system changes can be put in place and tested prior to the effective date.

Publication Date: June 2016

Designed For
Professionals in public practice, industry, government, and education who deal with nonpublic entities and wish to stay current on professional accounting standards.

Topics Covered

• FASB Revenue Recognition Project
• Details of the New Revenue Recognition Standard
• Industry and company impact of the new standard
• Other common revenue recognition misinterpretations noted in practice
• Revenue recognition topics on the horizon

Learning Objectives

• Review the FASB Revenue Recognition Project
• Identify the details of the new Revenue Recognition standard
• Recognize the industry and company impact of the new standard
• Identify and apply other common revenue recognition misinterpretations noted in practice
• Recognize revenue recognition topics on the horizon
• Identify the implementation date deferment of ASC 2014-09
• Differentiate the steps to take under the new revenue recognition model
• Recognize revenue transactions and requirements

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
None

Advance Preparation
None