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(2206816) Revenue Recognition: Mastering the New FASB Requirements
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The effective date of the new accounting standard for revenue recognition is fast approaching! With the issuance of FASB ASU No. 2014-09, Revenue from Contracts with Customers, FASB has completed a convergence project with the IASB to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and IFRS. For years, revenue recognition has been the cause of audit failures and the focus of corporate abuse and fraud allegations. This course will provide you with an

8/11/2020
When: 08/11/2020
7:00 AM
Where: Webcast
AICPA
2206816:BFBB9EBBDF87AF5A91360FB7E5E1E9F3
United States
Presenter: Renee Rampulla


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Acronym: 2206816

CPE:  8

Vendor: AICPA

Category:  Accounting

Level: Intermediate

Yellow Book? N

Registration Fees:

Members* $279

Non-Members $339

*The Member rate applies to UACPA members and reciprocal state society members. To register online, use the ‘Register’ button above. To register by phone, call the UACPA at 801-466-8022, Monday through Friday, 8am to 4pm.

 

Course Description: 

The effective date of the new accounting standard for revenue recognition is fast approaching! With the issuance of FASB ASU No. 2014-09, Revenue from  Contracts with Customers, FASB has completed a convergence project with the IASB to improve financial reporting by creating common revenue recognition  guidance for U.S. GAAP and IFRS.  For years, revenue recognition has been the cause of audit failures and the focus  of corporate abuse and fraud allegations. This 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. In addition, 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 understand how the new guidance impacts certain industries as a result of new criteria for recognizing revenue and changes in disclosure  requirements.       - 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

Objectives:

  When you complete this course you will be able to:     Recognize new revenue recognition principles.    Identify appropriate revenue recognition decisions.    Identify steps to take today to be prepared for future implementation.  

Major Topics:

       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  

Designed For:  Accountants in public practice & industry who need an update on the new revenue recognition guidance

 

Prerequisite:  Experience in the application of accounting standards

 

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