Revenue Recognition: The New Guidelines

Course Information

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Title: Revenue Recognition: The New Guidelines
Category: Accounting and Auditing
Field of Study: Accounting
Course Code: A021-0305
CPE Credits: 6.0
Price: 49.95



In 2014, after years of deliberations, the Financial Accounting Standards Board (the FASB) and the International Accounting Standards Board (the IASB) jointly issued the Accounting Standard Update (ASU) No. 2014-09 (codified primarily in ASC 606) and IFRS 15, respectively. ASC 606, the new revenue standard, replaces virtually all (including industry-specific) U.S. GAAP revenue guidance with a single model. The standard does not just change the amounts and timing of revenue but potentially affects organizations’ financial statements, business processes, and internal control over financial reporting. The standard also affects other related accounting topics such as contract modification, rights of return, licensing, principal-versus-agent considerations, and income tax. Moreover, the standard creates new and expanded disclosure requirements. In light of the new revenue standard, organizations need to reassess their current revenue accounting processes and systems and implement changes required to maintain compl

Delivery Method: Online Interactive Self Study

Level: Overview

Prerequisites: None

Advanced Preparation: None

Course Details

Category: Accounting and Auditing

Field of Study: Accounting

Passing Score: 70%

Publication Date: 02/08/2021

Technical Details:

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1. Recognize the improvements over the revenue accounting through the release of ASC 606 2. Cite the key changes of the revenue recognition practice compared to former ASC 605 3. Recognize the impact of the revenue standard on the organizations 4. Identify the applicability of the revenue standard 5. Recognize the steps involved in implementing the new revenue guidelines 6. Identify the presentation and disclosure requirements 7. Recognize the requirements for other revenue topics (e.g., warranties, principal-versus agent, licensing) 8. Recognize the indicators for potential misstated revenue recognition 9. Identify control activities that reduce the risk of misstatement in revenue

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QAS: Yes

CPA: Suitable for all CPAs

IRS: No IRS credit for Enrolled Agents.

Profession Identifiers: CPA