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Self-study CPE Course Information
Course Number: 140517
Course Title: Revenue Recognition - The New Guidelines
Field of Study: Accounting
Course Description:   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 not just changes the amounts and timing of revenue but potentially affects organizationsí 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 compliance with the new guidance. This course reorganizes the guidance contained in ASC 606, to follow the five-step revenue recognition model along with other guidance impacted by this standard. It also provides examples to illustrate the application. The course is designed to help you navigate the complexities of this standard, identify the implications of it, and prepare for implementation. It also shares insights to help you evaluate the effect of required changes to the internal control environment. It provides a working knowledge of the fundamentals of revenue standard that can be applied, regardless of the company size, in the real world.
Course Material: Provided Online
Program level: Overview
Prerequisites: General Accounting
Advance preparation: None
Type of delivery method: QAS Self-study
Recommended CPE credits: 6
Learning objectives: After completing this course, you will be able to:
Final examination expiration date:: The program participant will have one year from the date of purchase to complete the course and final examination.