For over a decade, the FASB and IASB have been stating their desire to have one set of dependable, quality, compatible standards for both domestic and cross-border financial reporting. This convergence of standards has been in the works since 2002, with financial professionals anxiously awaiting the new pronouncements. On May 28, 2014, the joint venture produced ASU 2014-09 Revenue from Contracts with Customers (Topic 606).
The new regulations are sweeping: how you designate revenue, what you define as revenue, and how you record it are all affected. Over 200 GAAP items have been replaced, with certain industries seeing significant changes to their recognition practices.
In this groundbreaking course, Patricia Williams and Kenneth L. Thurston break down over 700 pages of new standards into a synopsis of the most important aspects of ASU 2014-09 and explain how it will likely affect you and your industry. The course begins with an overview of how we’ve treated revenue recognition in the past and then delves into a five-step summary of the core principles, ending with a discussion of disclosures and other requirements.
Understanding ASU 2014-09 is essential. Revenue Recognition 2017 will present you with what the joint venture has done in the field of revenue recognition and save you hours of scouring the new rules by breaking it down in an easy to understand, condensed reference format.
Upon successful completion of this course, participants will be able to:
- Cite the historical background of ASU 2014-09 Revenue Recognition (Topic 605) Revenue from Contracts with Customers
- List the various private-sector organizations involved in issuing accounting standards
- Identify the requirements contained in the Codification of Staff Accounting Bulletins, Topic 13 Revenue Recognition and the contents of the FASB Concepts Statements
- Cite the main provisions in ASU 2014-09, noting the steps that an entity would apply to meet the core principle
- Identify important aspects of the FASB Accounting Standards Codification
- Cite the guidance contained in ASU 2014-09 Revenue from Contracts with Customers (Topic 606)
- Cite the disclosures to the financial statements required by ASU 2014-09 Revenue from Contracts with Customers (Topic 606)
- Identify the special requirements of ASU 2014-09 that pertain to contracts with customers that affect when revenue is recognized and by how much
- Identify accounting standards updates issued in 2016 pertaining to Topic 606 Revenue from Contracts with Customers
- Identify proposed accounting standards updates issued from January 2016 to July 2016 pertaining to Topic 606 Revenue from Contracts with Customers
- Identify accounting standards updates issued from January 2017 to September 2017 pertaining to Topic 606 Revenue from Contracts with Customers
- Identify proposed accounting standards updates issued from January 2017 to September 2017 pertaining to Topic 606 Revenue from Contracts with Customers
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