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