The new accounting standard for revenue recognition has finally been released! With the issuance of FASB ASU No. 2014-09, Revenue from Contracts with Customers, FASB has completed a convergence project with the IASB to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and IFRS. For years, revenue recognition has been the cause of audit failures and the focus of corporate abuse, as well as fraud allegations. This webcast will provide you with an in-depth understanding of the framework for revenue recognition built around the core principle, which is applied in a five-step process. Understanding the changes and new requirements is critical for your successful implementation of this new standard. Therefore, this webcast provides practical examples to assist you in avoiding revenue recognition traps and covers the latest FASB guidance. Topics discussed • 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
When you complete this webcast, you will be able to:~Recognize new revenue recognition principles.~Identify appropriate revenue recognition decisions.~Identify steps to take today to be prepared for future implementation.
Experience in the application of accounting standards