Revenue Recognition: What CPAs Need to Know (Completed)

Date: Thursday, May 24, 2018
Instructor: Pat Patterson
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs

Learn about the new professional standard from the FASB known as “Revenue Recognition” from the FASB’s “Big 3 Project” ,which represents significant changes in authoritative professional standards concerning revenue recognition, its 5 step core principles, and related revenue recognition topics. These topics represent “changes to changes” in revenue recognition. The subjects are explained, discussed, and illustrated for examples.

Who Should Attend
Professionals in public practice, industry, government, and education who deal with nonpublic entities and need a course in how to handle the major “FASB BIG 3” issue of Revenue Recognition (ASU 2014-09).

Topics Covered

  • For Revenue Recognition (ASU 2014-09) the 5 step core principles for revenue recognition will be examined
  • Issues in revenue recognition that involve principals' vs agents, timing, disclosures
  • Matters on reporting, disclosure, and measurements will be discussed
  • How small entities and large entities may be affected by the new standard
  • Revenue Recognition's effect on taxation, loan covenants, and other related issues are detailed

Learning Objectives

  • Identify the recently issued new FASB "Big 3 Project" issue of Revenue Recognition (ASU 2014-09)
  • Differentiate standards and its application will impact practically every professional accountant who deals with revenue recognition and accounting issues
  • Recognize effective dates and the deferral of effective dates are discussed
  • Identify the reporting requirements and the timing of revenue recognition will be explored
  • Describe the disclosure requirements for revenue recognition and other related matters will be examined

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
None

Advance Preparation
None

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