CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

Revenue Recognition: The New Guidelines

Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
CPE Credits
6 Credits: 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 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 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.

Learning Objectives

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

Chapter 1

  • Recognize the improvements over the revenue accounting through the release of ASC 606
  • Cite the key changes of the revenue recognition practice compared to former ASC 605
  • Recognize the impact of the revenue standard on the organizations

Chapter 2

  • Identify the applicability of the revenue standard
  • Recognize the steps involved in implementing the new revenue guidelines

Chapter 3

  • Recognize the requirements for other revenue topics (e.g., warranties, principal-versus agent, licensing)

Chapter 4

  • Identify the presentation and disclosure requirements

Chapter 5

  • Recognize the indicators for potential misstated revenue recognition
  • Identify control activities that reduce the risk of misstatement in revenue

Course Specifics

Course ID
1213556
Original Release Date
October 21, 2021
Number of Pages
145
Prerequisites

General Accounting

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Delta CPE LLC Headshot
Delta CPE LLC

For many years, Delta CPE LLC has offered a wide variety of continuing education courses for financial professionals. Topics covered by Delta’s courses include accounting, financial management, budgeting, investments, financial statement reporting, business management, IFRS, ethics, valuations, real estate, and business writing. The diversity and breadth of Delta’s course offerings make the company a prolific and unique contributor to the CPE world. Delta’s well-credentialed authors and contributors have also been published in numerous academic and professional journals and quoted by some of the leading financial media outlets.

Revenue Recognition: The New Guidelines

Expert Instructors
Format
CPE CREDITS
6 Credits: Accounting

$174.00$204.00

Clear
Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
CPE Credits
6 Credits: 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 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 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.

Learning Objectives

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

Chapter 1

  • Recognize the improvements over the revenue accounting through the release of ASC 606
  • Cite the key changes of the revenue recognition practice compared to former ASC 605
  • Recognize the impact of the revenue standard on the organizations

Chapter 2

  • Identify the applicability of the revenue standard
  • Recognize the steps involved in implementing the new revenue guidelines

Chapter 3

  • Recognize the requirements for other revenue topics (e.g., warranties, principal-versus agent, licensing)

Chapter 4

  • Identify the presentation and disclosure requirements

Chapter 5

  • Recognize the indicators for potential misstated revenue recognition
  • Identify control activities that reduce the risk of misstatement in revenue

Course Specifics

Course ID
1213556
Original Release Date
October 21, 2021
Number of Pages
145
Prerequisites

General Accounting

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Delta CPE LLC Headshot
Delta CPE LLC

For many years, Delta CPE LLC has offered a wide variety of continuing education courses for financial professionals. Topics covered by Delta’s courses include accounting, financial management, budgeting, investments, financial statement reporting, business management, IFRS, ethics, valuations, real estate, and business writing. The diversity and breadth of Delta’s course offerings make the company a prolific and unique contributor to the CPE world. Delta’s well-credentialed authors and contributors have also been published in numerous academic and professional journals and quoted by some of the leading financial media outlets.

Revenue Recognition: The New Guidelines

Expert Instructors
Format
CPE CREDITS
6 Credits: Accounting

$174.00$204.00

Clear