Revenue Recognition Principles ON DEMAND
Available Until
Your Desk
4.0 Credits
Member Price $116.00
Non-Member Price $133.00
Overview
This course offers a thorough exploration of the new revenue recognition standards set by FASB, crucial for public business entities. It features an in-depth analysis of how these standards were developed in collaboration with the IASB and breaks down the five-step revenue recognition model for clear comprehension. Participants will benefit from learning to identify the steps involved in allocating transaction prices, measuring transaction prices, and recognizing contracts. The course also addresses presentation issues related to contract assets and liabilities, ensuring participants understand the full scope of the new standards. Additionally, it provides an understanding of the disclosure requirements and transition methods, along with key amendments from ASUs issued after the initial release. This course is invaluable for professionals who need to stay updated and compliant with the latest revenue recognition standards, enhancing their expertise in financial reporting and accounting practices.
Highlights
Why the change in the revenue recognition standards. Evolution of the revenue recognition standard. Five step process for revenue recognition. Financial statement presentation issues, disclosure requirements, and transition guidance. Recent developments.
Prerequisites
None.
Designed For
CPAs, CFOs, controllers, financial professionals, and auditors.
Objectives
Recognize how the new revenue recognition standards were developed between the FASB and IASB. Identify the five steps involved in the new revenue recognition model. Recognize the steps involved in allocating the transaction price to performance obligations. Identify the considerations involved with measuring the transaction price. Recognize the considerations involved in identifying whether a contract exists. Identify presentation issues with respect to contract assets and contract liabilities. Understand the overall disclosure requirements and transition methods related to the new standards. Recognize key amendments from ASUs issued subsequent to the initial release of the new revenue recognition standards.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Kelen Camehl, Western CPE
Kelen is a recognized author and reviewer of CPE courses and has authored over 85 courses (225+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. His courses are available for purchase from many online CPE providers including the AICPA. Kelen has also remained involved in CPA exam content development for nearly 10 years and has authored more than a thousand multiple choice questions for various sections of the CPA exam. He also serves as an Editorial Advisor for the AICPA’s “Journal of Accountancy”.
Kelen has over 15 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Consultant with HP, Inc. in Dallas, TX. Most recently he was located in Budapest, Hungary on a three-year international assignment and served in the company’s Houston, TX location prior to this assignment. Prior to HP, he served in multiple accounting roles in the oil & gas industry with ConocoPhillips including technical accounting policy, SOX compliance, and internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors.
Non-Member Price $133.00
Member Price $116.00