4 Credits: Accounting
This course offers a thorough exploration of the new revenue recognition standards set by FASB, crucial for public business entities. It features an in-depth analysis of how these standards were developed in collaboration with the IASB and breaks down the five-step revenue recognition model for clear comprehension. Participants will benefit from learning to identify the steps involved in allocating transaction prices, measuring transaction prices, and recognizing contracts. The course also addresses presentation issues related to contract assets and liabilities, ensuring participants understand the full scope of the new standards. Additionally, it provides an understanding of the disclosure requirements and transition methods, along with key amendments from ASUs issued after the initial release. This course is invaluable for professionals who need to stay updated and compliant with the latest revenue recognition standards, enhancing their expertise in financial reporting and accounting practices.
Upon successful completion of this course, participants will be able to:
- Recognize how the new revenue recognition standards were developed between the FASB and IASB
- Identify the five steps involved in the new revenue recognition model
- Recognize the steps involved in allocating the transaction price to performance obligations
- Identify the considerations involved with measuring the transaction price
- Recognize the considerations involved in identifying whether a contract exists
- Identify presentation issues with respect to contract assets and contract liabilities
- Understand the overall disclosure requirements and transition methods related to the new standards
- Recognize key amendments from ASUs issued subsequent to the initial release of the new revenue recognition standards
February 19, 2024
There are no prerequisites.
CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)
CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.
Meet The Experts
Kelen is a recognized author and reviewer of CPE courses and has authored over 120 courses (300+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. His courses are available for purchase from many online CPE providers including the AICPA. Kelen also remained involved in CPA exam content development for nearly 10 years and authored more than a thousand multiple choice questions for various sections of the CPA exam. He also serves as an Editorial Advisor for the AICPA’s “Journal of Accountancy”. Kelen has nearly 20 years of progressive finance and accounting experience. He …