QAS Self-Study
Update
CPE Credits
7 Credits: Accounting
Course Description
In this course, Ray Thompson breaks down the new revenue recognition Standard (FASB and IASB have jointly issued ASU 2014-09/IFRS 15), which will have a major effect on the way that companies account for contracts with customers. In order to address the longstanding dissatisfaction with this area of revenue recognition, the Boards have revamped their guidance by completely rebuilding their framework on revenue recognition across a broad range of industries. For companies that engage in complex transactions and business arrangements, their revenue, income, assets, and liabilities will change quite significantly. You’ll learn everything you need to know about the new Standard, with the changes presented in a thorough, straightforward manner.
Learning Objectives
Upon successful completion of this course, participants will be able to:
- Identify why FASB and IASB believed it was necessary to rebuild the revenue recognition guidance as compared to GAAP;
- Cite the contract-based model as explained in ASC 2014-09;
- Cite components of the five steps involved in ASC 2014-09’s revenue recognition model;
- Identify how multiple performance obligations affect contracts;
- Identify changes in terminology under the Board’s new revenue models;
- Select criteria to properly analyze contracts;
- Identify the location of legacy guidance;
- Contrast the concept of delivery over time as used in ASU 2014-09 with percent of completion as used in current GAAP;
- Select criteria that needs to be met in order for a transaction to be considered delivered at a point in time;
- Cite FASB’s practical expedients approach for implementing ASU 2014-09 when the full retrospective approach is adopted;
- Name the disclosure requirements when the modified retrospective method is adopted under ASU 2014-09;
- Identify SEC’s current reporting and disclosure requirements and how they will affect the transition to ASU 2014-09;
- List the dates on which ASU 2014-09 becomes effective for public and nonpublic companies in U.S;
- Define terms related to rebates, refunds, and other amounts payable to customers;
- List the criteria for separating and capitalizing contract costs under ASU 2014-09;
- Explain the concept of distinct as applied to licenses under ASU 2014-09;
- Distinguish between expected value and most likely amount as the terms are used in ASU 2014-09;
- Identify the criteria used in 2014-09 for immediately recognizing or deferring up-front fees;
- List the types of contracts that are explicitly scoped out of ASU 2014-09;
- List the criteria used in ASU 2014-09 to determine whether a party is a principal or an agent;
- Define consignment arrangements;
- Identify implementation concepts for the Board’s five-step model;
- Cite contingencies addressed under ASC 450;
- Recognize some of the key issues of the new Standard as it relates to the construction industry and not-for-profit entities;
- Use the clarification provided by ASUs issued by the Transition Resource Group when implementing the new Standard; and
- Identify potential audit issues related to revenue recognition.
Course Specifics
|
Course ID 1183482 |
Revision Date October 26, 2022 |
Prerequisites A background in revenue recognition. |
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)
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.
Course Instructor
Dr. Ray Thompson, CBA, CFM, CMA, is an emeritus associate professor of accounting and finance at the University of Pittsburgh. He served as department head at the University of Pittsburgh at Johnstown (UPJ) campus for over 25 years. He was the associate director of UPJ’s Entrepreneurial Development Assistance Project, where he was involved in financial consulting and assisting in preparing loan proposals for small business start-ups. He has taught in graduate and undergraduate business programs in Europe, Africa, and the United States. Ray received his BS and MS degrees in economics and systems dynamics from the University of Bradford in …
The New Revenue Recognition Standards: Analysis and Implementation
CPE CREDITS
7 Credits: Accounting
$203.00 – $233.00
QAS Self-Study
Update
CPE Credits
7 Credits: Accounting
Course Description
In this course, Ray Thompson breaks down the new revenue recognition Standard (FASB and IASB have jointly issued ASU 2014-09/IFRS 15), which will have a major effect on the way that companies account for contracts with customers. In order to address the longstanding dissatisfaction with this area of revenue recognition, the Boards have revamped their guidance by completely rebuilding their framework on revenue recognition across a broad range of industries. For companies that engage in complex transactions and business arrangements, their revenue, income, assets, and liabilities will change quite significantly. You’ll learn everything you need to know about the new Standard, with the changes presented in a thorough, straightforward manner.
Learning Objectives
Upon successful completion of this course, participants will be able to:
- Identify why FASB and IASB believed it was necessary to rebuild the revenue recognition guidance as compared to GAAP;
- Cite the contract-based model as explained in ASC 2014-09;
- Cite components of the five steps involved in ASC 2014-09’s revenue recognition model;
- Identify how multiple performance obligations affect contracts;
- Identify changes in terminology under the Board’s new revenue models;
- Select criteria to properly analyze contracts;
- Identify the location of legacy guidance;
- Contrast the concept of delivery over time as used in ASU 2014-09 with percent of completion as used in current GAAP;
- Select criteria that needs to be met in order for a transaction to be considered delivered at a point in time;
- Cite FASB’s practical expedients approach for implementing ASU 2014-09 when the full retrospective approach is adopted;
- Name the disclosure requirements when the modified retrospective method is adopted under ASU 2014-09;
- Identify SEC’s current reporting and disclosure requirements and how they will affect the transition to ASU 2014-09;
- List the dates on which ASU 2014-09 becomes effective for public and nonpublic companies in U.S;
- Define terms related to rebates, refunds, and other amounts payable to customers;
- List the criteria for separating and capitalizing contract costs under ASU 2014-09;
- Explain the concept of distinct as applied to licenses under ASU 2014-09;
- Distinguish between expected value and most likely amount as the terms are used in ASU 2014-09;
- Identify the criteria used in 2014-09 for immediately recognizing or deferring up-front fees;
- List the types of contracts that are explicitly scoped out of ASU 2014-09;
- List the criteria used in ASU 2014-09 to determine whether a party is a principal or an agent;
- Define consignment arrangements;
- Identify implementation concepts for the Board’s five-step model;
- Cite contingencies addressed under ASC 450;
- Recognize some of the key issues of the new Standard as it relates to the construction industry and not-for-profit entities;
- Use the clarification provided by ASUs issued by the Transition Resource Group when implementing the new Standard; and
- Identify potential audit issues related to revenue recognition.
Course Specifics
|
Course ID 1183482 |
Revision Date October 26, 2022 |
Prerequisites A background in revenue recognition. |
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)
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.
Course Instructor
Dr. Ray Thompson, CBA, CFM, CMA, is an emeritus associate professor of accounting and finance at the University of Pittsburgh. He served as department head at the University of Pittsburgh at Johnstown (UPJ) campus for over 25 years. He was the associate director of UPJ’s Entrepreneurial Development Assistance Project, where he was involved in financial consulting and assisting in preparing loan proposals for small business start-ups. He has taught in graduate and undergraduate business programs in Europe, Africa, and the United States. Ray received his BS and MS degrees in economics and systems dynamics from the University of Bradford in …
The New Revenue Recognition Standards: Analysis and Implementation
CPE CREDITS
7 Credits: Accounting
$203.00 – $233.00