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Revenue Recognition Principles

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Kelen Camehl, CPA (US), MBA

Kelen Camehl CPA

  • CPA (US)

Published: March, 2021

Before starting this self study program, please go through the instructional document.

Overview

  • Background, purpose and main provisions of new standard
  • Transition guidance
  • 5-step process for recognizing revenue
  • Disclosure requirements
  • Implementation guidance - contracts, tax matters, internal controls, IT

Course Description

For years, revenue recognition has been the cause of audit failures and the focus of corporate abuse and fraud allegations. Today, we have FASB ASC 606, a new standard which is critical to understand before it can be successfully implemented. 

This course provides an overview of the new revenue recognition standards prescribed by the Financial Accounting Standards Board (FASB) issued in May 2014. The new standards are effective for public business entities for annual reporting periods after December 1, 2017, including interim periods within that reporting period. For calendar year public filers, these entities will need to implement the new standards starting in 2018. Supported by practical examples, industry specific real-life scenarios, and more than a dozen exercises, this self-study course will assist you in avoiding revenue recognition traps and provide you with the latest FASB guidance. You’ll gain an in-depth understanding of the revenue recognition framework that’s built around the core principles of this new five-step process. And, you'll gain a better understanding of the changes in disclosure requirements.

Learning Objectives

  • To recognize how the new revenue recognition standards were developed between the FASB and IASB.
  • To identify the five steps involved in the new revenue recognition model
  • To Recognize the considerations involved in identifying whether a contract exists
  • To identify the considerations involved with measuring the transaction price
  • To recognize the steps involved in allocating the transaction price to performance obligations

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Accounts Director
  • Chief Accounting Officer
  • Cloud Accountants
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Senior Accountant
  • Staff of Accounting Firm
  • Tax Accountant (Industry)
  • VP Accounts
  • Young CPA

Testimonial

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