Self-Study
6
Update
Accounting
Previous knowledge of basic accounting concepts.

Course Description

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.



Instructors

Patricia Lane Williams, CPA

Patricia (Pat) Lane Williams, CPA, is a former sole practitioner in Lubbock, Texas. She now lives in Denver, Colorado, where she spends her time, among other things, writing continuing education for accountants. She moved to Denver after spending 8 years in New York City at the AICPA; 6 of those years as the director of professional development where she was responsible for self-study programs, conferences, videos, and vendor relations. One of those vendors was MicroMash, located in Denver, where she was the vice president of editorial accounting and was responsible for development and maintenance of review programs for certification examinations and continuing professional education programs.

Pat is currently a freelance speaker and author. She has authored CPE programs for the AICPA, including “Navigating the New FASB Codification: Research Real–Life Accounting Issues,” covering the FASB’s codification project and revenue recognition in today’s business climate. She’s also author of a quarterly supplement for the AICPA. The supplement covers activities of the FASB, AICPA, PCAOB, IASB, and the SEC.



Course Specifics

Accounting
Jan 14, 2018
Previous knowledge of basic accounting concepts.
SS1173395
152
None


Compliance Information

103220
Qualifies for CA Fraud: No


Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • 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

Chapter 2

  • Identify important aspects of the FASB Accounting Standards Codification
  • Cite the guidance contained in ASU 2014-09 Revenue from Contracts with Customers (Topic 606)

Chapter 3

  • 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

Chapter 4

  • 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

Chapter 5

  • 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


Choose Your Preferred Format


Online Access

Get immediate access to a robust collection of learning and reference materials, allowing you to dive deep into the information you need. Our self-study materials are authored by top-quality, industry experts who focus on helping you grasp concepts quickly using real-life examples. Download your CPE to any device, and take it with you so you can learn when and wherever you want. Complete your CPE with an online exam, and enjoy instant grading with the option to print your certificate immediately upon passing.

online access
Hard Copy

Our self-study materials are authored by top-quality, industry experts. You’ll receive a bound notebook of all the course materials, shipped to you within one business day. In addition, you’ll also have full online access. Each self-study package includes a robust collection of learning and reference materials to help you cover the information efficiently and put it into practice immediately.

hard copy
Self-Study Video

Experience high-quality instruction with our Self-Study Videos, available to you 24/7. With more than 80+ videos currently in the Western CPE Self-Study Video library, you can see and hear our expert instructors deliver the information you need in a dynamic way that allows you to immediately apply your learning. Unlike a live course or webcast, you can complete the course on your own time, playing and pausing as needed. Self-Study Videos allow you to complete your CPE requirements on your own time.

hard copy


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