Reviewed On : February, 2024
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On May 28, 2014, the Financial Accounting Standards
Board (FASB) and International Accounting Standards Board (IASB) jointly issued
Accounting Standards Codification (ASC) 606, regarding revenue from contracts
with customers.
ASC 606 provides a uniform framework for recognizing
revenue from contracts with customers. The old guidance was industry-specific,
which created a system of fragmented policies. The updated revenue recognition
standard is industry-neutral and, therefore, more transparent. It allows for
improved comparability of financial statements with standardized revenue
recognition practices across multiple industries.
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 that is critical to understand before it
can be successfully implemented.
This Accounting CPE 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 CPE 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.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.
Advisor, Kelen Camehl CPA
Kelen is a recognized author and reviewer of CPE courses and has authored over 85 courses (225+ 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 has also remained involved in CPA exam content development for nearly 10 years and has 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 over 15 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Consultant with HP, Inc. in Dallas, TX. Most recently he was located in Budapest, Hungary on a three-year international assignment and served in the company’s Houston, TX location prior to this assignment. Prior to HP, he served in multiple accounting roles in the oil & gas industry with ConocoPhillips including technical accounting policy, SOX compliance, and internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors.
68 Ratings
MK
Jun 21st, 2023
I am very much convinced that I have gain sufficient knowledge in Revenue Recognition
KP
Dec 20th, 2023
This course gives a nice over review of the principles of revenue recognition.
KC
Sep 7th, 2023
In depth overview but well organized and clear!
AB
Dec 2nd, 2022
good class on difficult subject
TS
Jun 1st, 2023
no thanks
