Revenue Recognition: What CPAs Need to Know (Completed)

Learn about the new professional standards 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 and core principles are explained, discussed, and illustrated for examples. Further, the Corona Virus Pandemic (COVID-19) has impacted revenue recognition and its effective dates for the accounting profession.

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
• FASB Big Three Project
• Transition to the New Standard
• ASU 2014-09 and several related ASUs
• How will the New Standard Change Current GAAP?
• FASB/IASB Joint Transition Resource Group for Revenue Recognition (TRG)
• FASB/IASB Joint Transition Resource Group for Revenue Recognition (TRG)
• Update on Implementing the New Revenue Standard
• What to Look For
• Revision of the effective dates

Learning Objectives

• Identify the recently issued new FASB "Big 3 Project" issue of Revenue Recognition (ASU 2014-09)
• Differentiate the Core Principles (Five Steps) and their application that will impact practically every professional accountant who deals with revenue recognition and accounting issues
• Recognize effective dates and the deferral of effective dates due to COVID-19 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
• Describe the International Financial Reporting Standards (IFRS)
• Recognize changes to current GAAP under the new revenue recognition standard
• Describe why the FASB and IASB released new revenue recognition standards
• Identify the changes to annual reporting periods
• Recognize which Accounting Standards Updates were released to further articulate the guidance in ASU 2014-09
• Describe what the joint transition resource group (TRG) for revenue recognition does

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
None

Advance Preparation
None