CPE Online Course Detail


Revenue Recognition: Rules and Standards

Price :   $27.95
CPE Credits :   3.0
Course Code :   A012-0305
Category :   Accounting and Auditing
  

Description:
A record number of companies are revising their financials in 2007. The most frequent cause of financial restatements was revenue recognition, which accounted for over 20 percent of all restatements in 2007 and 20 percent during the past five years. This course covers the accounting, reporting, and disclosures associated with revenue recognition for the sale of products or rendering of services. Revenue involves a gross increase in assets or decrease in liabilities. Revenue may be recognized at the time of sale or service, during production, at the completion of production, and at the time of cash receipt. Long-term construction contracts may be accounted for under the percentage-of-completion method or the completed contract method. When a right of return exists, revenue may or may not be recognized, depending on the circumstances. The accounting treatment of warranty and maintenance contracts, contributions, and computer software is also discussed.


Delivery Method: Online Interactive Self-Study


Level: Overview


Prerequisites: None


Advanced Preparation: None


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Author: Delta Publishing


Category: Accounting and Auditing


Field of Study:


Passing Score: 70%


Publication Date: 03/15/2014


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Objectives:
1. Identify some of the reasons for financial restatements.
2. Identify and apply the revenue recognition principles.
3. Recognize the principles for the collection method for revenue recognition.
4. Recognize how to apply the completed performance method for long-term contracts.
5. Identify when to apply the installment-sales and cost-recovery methods of accounting.
6. Apply AICPA SOP:97-2 to software revenue recognition.
7. Outline some differences between U.S. GAAP and IFRS.


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NASBA: Yes


QAS: Yes


CPA: Suitable for all CPAs


IRS: Enrolled Agents Program Number




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