QAS Self-Study
Overview
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 |
Revision Date October 21, 2021 |
Number of Pages 145 |
Prerequisites General Accounting |
Advanced Preparation None |
Compliance information
NASBA Provider Number: 103220
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)
Course Instructor
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
$174.00 – $204.00
QAS Self-Study
Overview
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 |
Revision Date October 21, 2021 |
Number of Pages 145 |
Prerequisites General Accounting |
Advanced Preparation None |
Compliance information
NASBA Provider Number: 103220
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)
Course Instructor
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
$174.00 – $204.00